Spectrum Equity Investors today announced the addition of a new partner – Steven Price, the former president and chief executive officer of LiveWire Capital, as well as the former US deputy assistant secretary of defense for spectrum, space and communications.
Price served at the Pentagon from 2001 to 2003, according to a press release.
He was also president and CEO of PriCellular, a publicly traded cellular telephone company that was sold 1998 for $1.4 billion and HO Systems, a provider of billing and customer care to wireless carriers that was sold in 2001 for $340 million, according to the LiveWire website. The website currently lists just two LiveWire portfolio companies.
Livewire was founded in 1998 by Price and Stuart Rosenstein, the former CFO of PriCellular. The firm is ‘backed by large private equity firms (including Thomas H. Lee Partners and The Blackstone Group) who have invested in Livewire controlled entities over many years,’ according to the website.
The press release notes that Spectrum was a ‘successful investor’ in LiveWire and PriCellular transactions.
Spectrum, one of the dominant investors in media and communications private equity, most recently teamed with Charles McCurdy, a co-founder and former head of targeted media company Primedia, to create an ‘investment initiative’ that will commit between $175 million and $200 million (€146 million and €166 million) in niche media and publishing companies.
Earlier this month, Apax Partners and Spectrum agreed to buy NEP Broadcasting from Wachovia Capital Partners in a transaction valued at $320 million (€265 million).