Vast Broadband Completes Recapitalization and Closes Acquisition of NTS
Vast Broadband ("Vast"), a leading provider of high-speed broadband, video, and voice services to over 55,000 residential and business customers in South Dakota and Minnesota markets, announced that it has completed its acquisition of NTS Communications ("NTS"), a regional broadband fiber company offering high-speed data, video, and voice services to over 20,000 residential and business customers in Texas and Louisiana. Oak Hill Capital Partners ("Oak Hill") and Pamlico Capital ("Pamlico") led a recapitalization of Vast and NTS to support the company's accelerated growth plans.
NTS operates a high-quality fiber network spanning over 2,700 owned route miles passing more than 60,000 homes and businesses in Texas markets of Lubbock, Amarillo, Abilene, and Wichita Falls, and select markets in Louisiana. The senior management team at Vast, led by CEO Jim Gleason, CFO Keith Davidson, and COO Larry Eby will join forces with local management at NTS to expand service offerings across the company’s markets.
“We are excited to officially welcome NTS to the Vast family and support the company’s next phase of growth,” said Gleason. “We look forward to working with the NTS team and the cities NTS serves to provide outstanding service to our customers and communities. Vast and NTS will work together to assure a seamless transition for both customers and employees.”
Financial terms of the transaction were not disclosed. The Bank Street Group LLC served as NTS's exclusive financial advisor in connection with this transaction. SunTrust Robinson Humphrey, Inc. and TD Securities (USA) provided debt financing to support the 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: communications, healthcare, services and software. The firm, based in Charlotte, NC, has assets under management of approximately $4 billion. For additional information, please visit www.pamlicocapital.com.