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Last summer, Federico Mariscal and Enrique Valdés launched Ascenda Capital Partners. Rather than raising funds to establish a traditional SF, they chose to raise capital directly to conduct due diligence on a target they had already identified. In less than six months, they successfully acquired 100% of Vialterna Comunicaciones, a Mexican company specializing in managed enterprise connectivity services.
The acquisition was backed by a group of more than 15 investors, including Relay Investments, Istria Capital, Valmaris Private Investors, INSETA Partners, Agate Hound Fund, Cromwell Harbor, Tres Coronas Capital, ETA Capital Partners (Alfonso Blohm), CollectiveXP (Victor Wong / Toby Chang), and Adam Johnson (Water Direct). The transaction was structured using a combination of equity and debt, consisting of approximately 70% equity, 20% seller note, and 10% seller rollover, with no senior bank debt.
Vialterna Comunicaciones operates as a B2B provider of fully managed enterprise connectivity services. The company focuses on delivering reliable, continuous, and rapidly deployable connectivity solutions for distributed and mission-critical operations. Vialterna’s value proposition is built around offering an agile and flexible alternative to traditional telecommunications providers. Rather than competing on scale, the company differentiates itself through a fully managed, end-to-end service model optimized to solve last-mile connectivity challenges, primarily using wireless technologies. Vialterna serves enterprise clients across sectors such as banking, retail, energy, and telecommunications, typically under multi-year contracts. The business demonstrates healthy EBITDA margins, supported by a lean operating structure and a high proportion of recurring revenue.
Federico Mariscal commented: “We chose Vialterna for its uncommon combination of recurring revenues, strong profitability, and a clearly differentiated value proposition. The company operates in an industry with powerful structural tailwinds, driven by accelerated cloud adoption, the expansion of distributed architectures, and rising connectivity requirements stemming from new technologies such as artificial intelligence. Its services address a mission-critical need for customers while representing a relatively small share of their cost structure, resulting in high switching costs and a lean operating model. From the outset, a key differentiating factor was the seller and the trust-based relationship we were able to build, enabling a transparent M&A process, a smooth transition, and clear long-term alignment. Looking ahead, the main challenges will involve institutionalizing the go-to-market strategy, strengthening internal processes, and expanding the technological offering, while consistently preserving service quality and the company’s culture.”
Financial DD: JA Del Río / Fiscal: Hogan Lovells / Legal: Ritch Mueller / Tech DD: Crosslake Technologies / M&A: Corum Group
