Private equity-backed Rural Broadband Investments (RBI) has bought triple play provider Cable Management Associates (CMA) from Etan Industries.
The deal is RBI’s second acquisition following the purchase of Newwave Communications which completed last…
Private equity-backed Rural Broadband Investments (RBI) has bought triple play provider Cable Management Associates (CMA) from Etan Industries.
The deal is RBI’s second acquisition following the purchase of Newwave Communications which completed last month.
RBI, which is owned by PE firm GTCR, was set up just over six months ago with the intent of building a customer base of 300,000 to 400,000 cable subscribers. The deal gives RBI 120,000 customers.
SunTrust Robinson Humphrey and Goldman Sachs arranged debt financing for the transaction but no financial details of the deal were disclosed.
Dallas-based CMA’s network passes 370,000 homes across Arkansas, Illinois, Indiana, Louisiana, Mississippi, Missouri, Nevada and Texas offering triple-play services.
Phil Canfield, managing director at GTCR, confirmed that the company was still on the outlook for further targets: “We look forward to continuing our work with (RBI CEO) Phil Spencer and his team to build a leading cable platform through increasing high-speed data penetration, growth in commercial services and additional accretive acquisitions.”
Waller Capital acted as exclusive financial adviser to GTCR and RBI while PriceWaterhouseCoopers served as accounting adviser and Kirkland & Ellis served as legal counsel.
Gardere Wynne Sewell served as legal counsel for CMA’s parent company, Etan Industries. RBC Capital Markets served as Etan’s exclusive M&A adviser.
