M&A Deal Summary

Astound Broadband Acquires Wave Broadband

On May 22, 2017, Astound Broadband acquired communications company Wave Broadband LLC from GI Partners and Oak Hill Capital Partners for 2.4B USD

Acquisition Highlights
  • This is Astound Broadband’s 3rd transaction in the Communications sector.
  • This is Astound Broadband’s 1st largest (disclosed) transaction.
  • This is Astound Broadband’s 3rd transaction in the United States.
  • This is Astound Broadband’s 1st transaction in Washington.

M&A Deal Summary

Date 2017-05-22
Target Wave Broadband LLC
Sector Communications
Buyer(s) Astound Broadband
Sellers(s) GI Partners
Oak Hill Capital Partners
Deal Type Add-on Acquisition
Deal Value 2.4B USD
Advisor(s) UBS Investment Bank (Financial)

Target

Wave Broadband LLC

Kirkland, Washington, United States
website
Wave Broadband LLC is a provider of industry major high-speed internet, all-digital TV and phone services for residential, small/medium and Enterprise business customers. PC Magazine’s Readers’ Choice Award named RCN one of the winners for best ISPs in 2013, 2015 and 2016 – RCN was rated highest in overall satisfaction. RCN is YouTube HD Verified, earning the company the highest-ranking that Google offers. RCN is also a Netflix Open Connect partner, placing in the Top rankings on the Netflix USA ISP Speed Index in the markets RCN serves. RCN's affordably priced advanced digital services are delivered through its proprietary, state-of-the-art fiber-rich network and supported by 100% U.S.-based customer service. RCN's primary service areas include Boston, Chicago, Lehigh Valley (PA), New York City, Philadelphia (Delaware County) and Washington, DC.

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Buyer(S) 1

Buyer

Astound Broadband

Princeton, New Jersey, United States

website


Category Company
Founded 1993
SectorCommunications
DESCRIPTION

RCN is a provider of broadband services delivering all-digital and high definition video, high-speed internet, and premium voice services to residential and small-medium business customers. RCN Telecom Services LLC was founded in 1993 and is based in Princeton, New Jersey.


DEAL STATS #
Overall 3 of 5
Sector (Communications) 3 of 5
Type (Add-on Acquisition) 3 of 3
State (Washington) 1 of 1
Country (United States) 3 of 5
Year (2017) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-11-13 NEON Communications Group, Inc.

Westborough, Massachusetts, United States

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-01 Grande Communications Networks LLC

San Marcos, Texas, United States

Grande Communication is a broadband communications company that offers a full suite of Internet, TV, and phone services for residential and business customers through its state-of-the-art, high-capacity, hybrid fiber-optic network. Grande Communication was founded in 1999 and is based in San Marcos, Texas.

Buy -

Seller(S) 2

SELLER

GI Partners

San Francisco, California, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2001
PE ASSETS 16.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

GI Partners (Global Innovation Partners) is a private equity firm focused on control oriented investments in asset-backed businesses and properties located throughout North America and Western Europe. GI looks to invest up to $500 million in companies generating predictable, recurring cash flows; underperforming businesses with intrinsic value; and direct asset investments with operational complexity. Sectors of interest include energy, education, healthcare services, leisure, retail, logistics, media, entertainment, financial services, technology, and telecommunications. GI Partners was formed in 2001 and has offices in San Francisco, Greenwich, and Chicago.


DEAL STATS #
Overall 14 of 19
Sector (Communications) 1 of 1
Type (Add-on Acquisition) 4 of 5
State (Washington) 1 of 1
Country (United States) 13 of 17
Year (2017) 1 of 2
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-02-13 Retriever Medical/Dental Payments LLC

Valhalla, New York, United States

Rectangle Health is a provider of payment technology and merchant services to healthcare providers. Retriever is one of the largest payments companies focused exclusively on the healthcare provider market, serving 15,000 physician practices, dental practices, veterinary clinics and hospitals throughout the U.S. Rectangle Health was founded in 1993 and is based in Valhalla, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-05-23 MRI Software LLC

Solon, Ohio, United States

MRI Software LLC is a provider of real estate software applications and hosted solutions. MRI’s comprehensive and flexible technology platform coupled with an open and connected ecosystem meets the unique needs of real estate businesses from property-level management and accounting to investment modeling and analytics for the global commercial and residential markets. MRI develops lasting client relationships based on nearly five decades of expertise and insight. MRI Software was established in 1971 and is based in Solon, Ohio.

Sell -
SELLER

Oak Hill Capital Partners

Stamford, Connecticut, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1986
PE ASSETS 9.5B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Oak Hill Capital Partners was originally formed as the private equity investment vehicle for Robert Bass and in 1999, opened up to outside investors and raised its first private equity fund. Oak Hill looks to invest in middle-market companies and focuses its efforts within six industry groups. The six groups include basic industries; business and financial services; consumer, retail, and distribution; healthcare; media and telecom; and technology. Oak Hill targets businesses with defensible business models, strong market positions, and 'best-in-class' management. Oak Hill Capital was formed in 1986 and has offices in Stamford, Connecticut; Menlo Park, California; and New York City.


DEAL STATS #
Overall 38 of 45
Sector (Communications) 4 of 5
Type (Add-on Acquisition) 19 of 20
State (Washington) 2 of 2
Country (United States) 31 of 37
Year (2017) 1 of 1
Size (of disclosed) 3 of 17
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-03-23 Checkers Drive-In Restaurants, Inc.

Tampa, Florida, United States

Checkers/Rally’s Drive-In Restaurants, Inc. is the largest double drive-thru restaurant chain in the United States. The company develops, owns, operates and franchises both Checkers and Rally’s® restaurants. Based in Tampa, Florida, it has almost 800 restaurants open across the U.S. In recent years, the brand has been awarded several of the industry’s most prestigious awards including: “Best Drive-Thru in America” by QSR Magazine and the “Hot! Again Award” from Nation’s Restaurant News.

Buy $525M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-07-27 EPIC Insurance Brokers & Consultants, Inc.

San Francisco, California, United States

EPIC Insurance Brokers & Consultants is a unique and innovative retail property & casualty and employee benefits insurance brokerage and consulting firm. EPIC's expertise across key lines of insurance, including risk management, property and casualty, employee benefits, unique specialty program insurance, and private client services. EPIC Insurance Brokers & Consultants was founded in 2007 and is based in San Francisco, California.

Buy -