Petra liquidates stake in Illinois telecom company

Petra Capital Partners, a private equity firm based here, has sold its stake in United Asset Coverage

Petra Capital Partners, a private equity firm based here, has sold its stake in United Asset Coverage as part of a transaction in which UAC completed a $100 million recapitalization led by Spectrum Equity Partners of Boston.

UAC, located in Naperville, Ill., takes the financial risk for repairs and maintenance of telecommunications equipment owned by corporations. It will continue to be managed by company chairman and CEO, Pat Martucci.

Meanwhile, Petra announced that Rob Smith, a member of the general partnership of Petra Mezzanine Fund, has been promoted to principal. He is a board member of Inpulse Response Group and a board observer of Navigator Systems, Insource Contract Services, and Find/SVP.

Petra has $150 million of capital under management. It manages Petra Mezzanine Fund, L.P., a five-year-old Small Business Investment Company with total investable funds of $80 million investing in business services and healthcare services companies.