One Equity builds phone bill services platform

The private equity division of Chicago’s Bank One has announce a three-company roll-up with the recent acquisition of MSS*Group.

One Equity Partners today announced its acquisition of MSS*Group, a bill processing service for telecommunications companies, part of an ongoing roll-up of companies in this space.


The firm, with offices in New York, Chicago, Detroit and Frankfurt, also announced two earlier acquisitions over the last three weeks – TSL, an IT financial management services company, and Digital Reliance, a wireless telephone service billing data processor.


“MSS is a very complementary fit with TSL and Digital Reliance,” Ethan Ayer, vice president at One Equity, said in a statement. “The combination. . . is the largest and most complete [telecommunications expense management] vendor on the market today.”


Terms of the transactions were not disclosed.


MSS*Group is based in Castle Rock, Colorado and employs roughly 200 people in four US offices. The company manages more than $750 million in telecom bills annually, according to the statement.


One Equity receives all of its capital from parent company Bank One, which recently announced its acquisition by JP Morgan Chase. It is unclear how or whether the One Equity team, led by Richard Cashin, will be integrated into JP Morgan Partners, JP Morgan’s in-house private equity group.


One Equity’s most recent deal was the acquisition of bulk chemical storage company LBC from Paris-based Fimalac. The firm recently exited its portfolio company AbilityOne, a rehabilitation supply company, to dental products company Patterson Dental, for $575 million (€453 million).