Tinet SpA (BS Private Equity)

October 1, 2010

      Compass Advisers, LLP ("Compass") is pleased to announce the sale of Tinet SpA ("Tinet"), a global carrier exclusively committed to the IP and Ethernet wholesale market, to Neutral Tandem, Inc. ("Neutral Tandem"), a leading provider of tandem interconnection services to wireless, wireline, cable and broadband telephony companies.  Compass, Rondelli Advisers, the Italian partner of Compass Advisers, acted as exclusive financial advisor to the seller, a consortium of investors led by BS Private Equity ("BSPE"), one of the Italy's leading private equity firms investing in manufacturing and service companies.

      The transaction provided BSPE with a cash multiple of approximately 2.5 times, and an internal rate of return (IRR) of nearly 90%.  Compass assisted BSPE in performing due diligence, valuing assets, negotiating the price and transaction terms and managing the sale process.

      The combination of U.S.‑based Neutral Tandem and Italy's Tinet creates a global network enabling wholesale Voice, IP and Ethernet solutions for their customers.  Tinet will continue to drive growth of the global IP Transit and Ethernet markets under the Neutral Tandem umbrella, while the combined company expands Neutral Tandem's global footprint and accelerates its Ethernet initiatives to provide end to end interconnectivity solutions.  The deal highlights Compass' ability to provide global cross-border advice, and emphasizes Compass' knowledge of the global ICT sector and services provided by international players.