Vast Broadband Announces Acquisition by GI Partners

October 19, 2020

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.

About Pamlico Capital

Pamlico Capital is a private equity firm founded in 1988 that invests in lower middle market companies in the U.S. Pamlico Capital seeks control-oriented growth equity investments 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 $3 billion.

About Vast Broadband

Vast Broadband is a leading provider of high-speed broadband, video and voice services to residential and business customers in South Dakota and Minnesota. For more information, please visit www.vastbroadband.com.

About GI Partners

Founded in 2001, GI Partners is a private investment firm based in San Francisco, California. The firm has raised over $23 billion in capital from leading institutional investors around the world to invest in private equity, real estate and data infrastructure strategies. The private equity team invests primarily in companies in the Healthcare, IT Infrastructure, Services and Software sectors. The real estate team invests across a broad range of platforms and strategies. The data infrastructure team invests primarily in hard asset infrastructure businesses underpinning the digital economy. For more information on GI Partners and its entire portfolio, please visit www.gipartners.com/.

About Oak Hill Capital

Oak Hill Capital is a private equity firm managing funds with approximately $15 billion of initial capital commitments and co-investments since inception. Over the past 34 years, Oak Hill Capital and its predecessors have invested in over 90 private equity transactions across broad segments of the U.S. and global economies. Oak Hill Capital applies an industry-focused, theme-based approach to investing in the following sectors: Media & Communications; Services; Industrials; and Consumer, Retail & Distribution. Oak Hill works actively in partnership with management to implement strategic and operational initiatives to create franchise value. For more information, please visit: http://www.oakhill.com.