|By Business Wire||
|May 2, 2014 04:06 PM EDT||
Rural Broadband Investments (“RBI”) today announced it has closed the acquisition of several cable systems from Cass Cable TV, Inc. The acquisition comes shortly after RBI’s initial platform investments in NewWave Communications (“NewWave”) and the follow-on purchases of Cable Management Associates (“CMA”), the McDonald Cable/Cablevison systems and City Cable from The City of Poplar Bluff, Missouri.
The Cass systems purchased by RBI serve the following cities in the State of Illinois: Brighton, Carrollton, Jerseyville, Manchester, Roodhouse and White Hall. Since April 2013, RBI has made six acquisitions in an effort to build a platform of 300,000-400,000 cable subscribers in small-to-mid sized rural markets. RBI now serves over 150,000 customers and passes more than 440,000 homes in Illinois, Indiana, Missouri, Arkansas, Louisiana, Mississippi, Texas and Nevada.
RBI will make a seamless transition for customers from the former Cass Cable operations. RBI plans to rollout enhanced services already available in its nearby NewWave markets.
“The Cass systems are an excellent add-on to our Southwest Illinois footprint,” said Phil Spencer, CEO of Rural Broadband Investments. “We intend to fiber tie these systems and offer additional HD channels, advanced commercial services and a more robust internet service. This will give us an exceptional opportunity to better serve customers and increase penetration of high-speed internet services as well as advanced commercial services. We look forward to adding the local Cass employees to our team.”
“It was a privilege to offer cable TV, internet and phone services in Greene, Scott and Jersey counties. Cass Cable TV has always been committed to the communities we serve. Always striving to offer top-notch products to our customers, Cass made many fiber enhancements that brought advanced services to the area,” said Chad Winters, Vice President of Cass Cable TV. “We are pleased that NewWave Communications is going to take technology to the next level. Like Cass Cable TV, NewWave Communications recognizes the need for technology in rural areas."
RBI is a portfolio company of leading private equity firm GTCR, and is owned by GTCR and RBI management.
Kirkland & Ellis LLP served as legal counsel and PriceWaterhouseCoopers served as accounting advisor to GTCR.
Founded in 1980, GTCR is a leading private equity firm focused on investing in growth companies in the Financial Services & Technology, Healthcare and Information Services & Technology industries. The Chicago-based firm pioneered The Leaders Strategy™ - finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through transformational acquisitions and organic growth. Since its inception, GTCR has invested more than $10 billion in over 200 companies. For more information, please visit www.gtcr.com.
About Rural Broadband Investments
Rural Broadband Investments, headquartered in Overland Park, Kansas, acquires and invests in rural-focused cable systems serving residential and commercial customers in small-to-middle sized markets and rural geographies. For more information, please visit www.ruralbroadbandinvestments.com.
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