Private Equity Firm – Gores Sells Patents to Intel

Operational Due DiligenceSeptember 10, 2014 The Gores Group, a Private Equity Firm based in Los Angeles, who through its affiliate P-Wave Holdings, LLC, owns the senior secured credit of Powerwave Technologies agreed to sell one thousand four hundred patents and applications for patents to Intel (NASDAQ: INTC).

Powerwave Technologies, was founded in 1985 in Santa, Ana California, grew to over 2100 employees and $591 million US Dollars in revenues in 2010.  By January 28th, 2013 they had fallen on hard times and entered in to Chapter 11 bankruptcy.  They halted operations and by June, of that year, they filed for Chapter 7.  The roots of the company were seated in Radio Frequency (RF) amplifiers back in the days of analog signal for wireless networks. Through several acquisitions they expanded into RF amplifiers for Wireless and PCS local cellular loop systems, which lead to TDMA and GSM single carrier markets.

In January of 2002, Powerwave acquired DSP (digital signal processing) technology from Toracomm Limited in the United Kingdom, which lead to deep skills in 2G and 3G applications.

The Gores group was founded in 1987 by Alec Gores and last year reported that their assets under management, was near $3.7 billion US Dollars. In 2012 Gores created P-Wave Holdings, LLC, an investment company that invested in Tax liens, venture capital companies, technology intellectual property to include patents,  and other investments.

Through P-Wave Gores purchased the senior debit of Powerwave in April of 2013, and made $5m available in senior secured priming term loan credit for Powerwave working capital during bankruptcy

Powerwave patents related to, digital pre-distortion circuitry, telecommunications infrastructure technologies, and crest factor reduction technology are among those sold to Intel.