Vast Broadband Announces Acquisition by GI Partners
Investment Will Enhance Best-in-Class Service Capabilities
Vast Broadband (“Vast”), a leading provider of gigabit-speed broadband, video, and phone in South Dakota and Minnesota, today announced it has signed an agreement to be acquired by GI Partners, a leading US-based investor in data infrastructure businesses, in partnership with industry veteran Rich Fish. GI Partners will support the company and its employees to continue providing world-class service to communities throughout the region.
"Vast is committed to providing its customers with access to the most reliable, high-speed broadband connectivity available,” said Rich Fish, incoming CEO of Vast Broadband. “As a native of the Great Plains, I am thrilled to partner with the local employees at Vast to bring high quality internet connectivity to my home region.”
"Fast, reliable, and fairly-priced broadband service is critical to business, education, and so many aspects of our daily lives," said Mark Prybutok, Managing Director of GI Partners. “We support Vast Broadband’s vision to be an essential contributor to thriving communities across the Northern Plains.”
Based in Sioux Falls, South Dakota, Vast Broadband is a leading provider of high-speed broadband, video, and voice services to over 60,000 residential and business customers. Vast Broadband is currently owned by Pamlico Capital and Oak Hill Capital.
"We are very pleased to have reached an agreement with Rich Fish and the GI Partners team. We have had tremendous success during our tenure and we are delighted that our team in South Dakota and Minnesota will have the opportunity to continue to grow in the communities we serve,” said Jim Gleason, CEO of Vast Broadband.
The transaction is expected to close following satisfaction of customary closing conditions, including regulatory approvals. GI Partners will make the investment from the GI Data Infrastructure Fund.
Weil, Gotshal & Manges acted as legal counsel to GI Partners. RBC Capital Markets, LLC acted as exclusive financial advisor to Vast Broadband and Alston & Bird acted as legal counsel.
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: communications, healthcare, services and software. The firm, based in Charlotte, NC, has assets under management of almost $3.5 billion. For additional information, please visit www.pamlicocapital.com.