|By Business Wire||
|June 12, 2014 01:37 PM EDT||
Pamlico Capital (“Pamlico”) and the management team of Clarity Telecom (“Clarity”) today announced that they have entered into a definitive agreement to purchase broadband assets in Rapid City and Sioux Falls, South Dakota from WOW! Internet, Cable & Phone (“WOW!”). Post-close, the Clarity team will continue to provide high-speed broadband, video and voice services to more than 50,000 residential and commercial customers in South Dakota.
Pamlico initially partnered with Clarity’s management team in 2003 to build NewWave Communications (“NewWave”), a rural broadband company that grew to serve 160,000 subscribers. After successfully exiting NewWave through transactions with Time Warner Cable (2011) and Rural Broadband Investments (2013), Pamlico partnered with Jim Gleason and his team to create Clarity Telecom, a search company formed to pursue rural broadband investments. Clarity identified WOW!’s South Dakota systems as an attractive platform for growth.
Jim Gleason, CEO of Clarity, noted, “We are delighted to acquire the South Dakota networks from WOW! and are equally excited to start a new platform in the broadband communications industry. The South Dakota markets offer tremendous opportunity, and we look forward to working with the WOW! employees located in the region. The communities served in South Dakota, southwest Minnesota and northwest Iowa will be the focus of the company and will be the platform to build upon for future acquisitions and growth.”
Pamlico Partner Art Roselle said, “We are excited to partner with Jim Gleason and his team again. They did a tremendous job building NewWave, and we have been impressed with their vision for Clarity Telecom and the assets we are acquiring in South Dakota. We look forward to working with them to build another great broadband company.”
The acquisition will represent the third investment in Pamlico Capital III, a recently raised fund with $650 million of aggregate commitments, and is expected to close in the late third or early fourth quarter of 2014, following the satisfaction of regulatory requirements and other customary closing conditions. Clarity and WOW! will work together to provide a smooth transition for customers and employees.
Pamlico and Clarity were advised by K&L Gates LLP (legal counsel). GE Capital and SunTrust Robinson Humphrey, Inc. have committed to provide debt financing to support the transaction.
About Clarity Telecom
Clarity Telecom is a new broadband communications platform focused on providing Internet, cable television and telephone services. Clarity was founded by Jim Gleason, Keith Davidson and Larry Eby and is backed by Pamlico Capital. The Clarity management team and Pamlico are the former owners of NewWave Communications, which was sold in 2013. The management team has operated cable and telecommunications businesses for more than 20 years and is headquartered in Sikeston, Missouri.
About Pamlico Capital
Pamlico Capital is a private equity firm founded in 1988 that invests in growing middle market companies in the U.S. Pamlico Capital seeks control-oriented growth equity investments of up to $100 million alongside proven management teams in its target industries; business & technology services, communications, and healthcare. Since inception, the firm, based in Charlotte, NC, has invested over $2.5 billion. For additional information, please visit www.pamlicocapital.com.
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