Pamlico Capital Announces the Sale of NewWave Communications
Pamlico Capital (“Pamlico”) today announced the sale of NewWave Communications (“NewWave” or the “Company”) to GTCR and its portfolio company, Rural Broadband Investments (“RBI”). Pamlico and management founded NewWave in 2003 as a platform to acquire, interconnect and upgrade broadband cable systems in small and mid-sized rural markets in the Midwest. NewWave’s systems pass approximately 250,000 homes and serve 90,000 customers, primarily in Illinois, Indiana and Missouri. In late 2011, the Company had sold a similarly sized cluster of systems in Kentucky and Tennessee to Time Warner Cable.
“This transaction is the final step in a very successful partnership that NewWave has had with Pamlico, dating back for almost a decade,” said Jim Gleason, CEO of NewWave. “We have enjoyed our long relationship with them and greatly appreciate all of their hard work, advice and support. We are thrilled that we could deliver such a successful financial exit, while also leaving NewWave with an excellent new ownership group. We are very pleased to work with Phil Spencer and his team at RBI on this transaction, and we believe that they will be a great fit for NewWave, its employees and customers going forward.”
“Jim Gleason and his team have been outstanding partners for Pamlico, in every aspect of the business,” said Art Roselle, Partner at Pamlico. “They have built an outstanding company and have been a pleasure to work with. Through multiple acquisitions and significant investment into its systems, the NewWave team has done a tremendous job of building up a company of scale and dramatically improving the products and services offered to its customers.”
The transaction is subject to customary conditions, including receipt of FCC, franchise and antitrust approval. The parties expect closing to occur during the second quarter of 2013. RBI and NewWave will work together to provide a smooth transition for customers and employees.
K&L Gates LLP acted as legal advisor to NewWave on this transaction.
Pamlico Capital is a private equity firm founded in 1988 that invests in growing middle market companies in North America. Pamlico Capital seeks control-oriented growth equity investments of up to $200 million alongside founders and proven leaders in its target industries: business & technology services, communications, and healthcare. Since inception, the firm, based in Charlotte, NC, has invested approximately $4 billion. For additional information, please visit www.pamlicocapital.com.