M&A Deal Summary

Cable ONE Acquires Hargray Communications Group

On February 15, 2021, Cable ONE, Inc. acquired communications company Hargray Communications Group, Inc. from Redwood Capital Investments LLC, WaveDivision Capital, Stephens Capital Partners and The Pritzker Organization for 2.2B USD

Acquisition Highlights
  • This is Cable ONE’s 5th transaction in the Communications sector.
  • This is Cable ONE’s 1st largest (disclosed) transaction.
  • This is Cable ONE’s 5th transaction in the United States.
  • This is Cable ONE’s 1st transaction in South Carolina.

M&A Deal Summary

Date 2021-02-15
Target Hargray Communications Group, Inc.
Sector Communications
Buyer(s) Cable ONE, Inc.
Sellers(s) Redwood Capital Investments LLC
WaveDivision Capital
Stephens Capital Partners
The Pritzker Organization
Deal Type Add-on Acquisition
Deal Value 2.2B USD

Target

Hargray Communications Group, Inc.

Hilton Head, South Carolina, United States
website
Hargray Communications Group, Inc. is a telecommunications provider serving southeastern South Carolina and northeastern Georgia. The company's operations include traditional telephone carrier services, internet services, cable television, wireless telephone, and a telephone directory publishing operation. Hargray Communications Group was founded in 1949 and is based in Hilton Head, South Carolina.

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Buyer(S) 1

Buyer

Cable ONE, Inc.

Phoenix, Arizona, United States

website


Category Company
Founded 1983
SectorInternet Software and Services
DESCRIPTION

Cable ONE, Inc., provides high-speed Internet, cable television and telephone services.


DEAL STATS #
Overall 5 of 5
Sector (Communications) 5 of 5
Type (Add-on Acquisition) 5 of 5
State (South Carolina) 1 of 1
Country (United States) 5 of 5
Year (2021) 1 of 1
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-01 Fidelity Communications Co.

Sullivan, Missouri, United States

Fidelity Communications Co. is a family-owned cable operator that has been providing residential and business services to customers throughout greater Arkansas, Illinois, Louisiana, Missouri, Oklahoma, and Texas for nearly 80 years. Fidelity’s network passes approximately 190,000 homes and it has approximately 114,000 residential primary service units (“PSUs”) and 20,000 business PSUs. Fidelity is headquartered in Sullivan, Missouri.

Buy $526M

Seller(S) 4

SELLER

Redwood Capital Investments LLC

website


Category Family Office
Founded 2006
SizeSmall
Type Sector Agnostic
DESCRIPTION

Redwood Capital is the private investment company for Jim Davis, a co-founder of Allegis Group. The Firm looks to acquire majority positions and generally seeks companies with established management in place, opportunities to re-invest earnings, and strong market positions with sustainable competitive advantages. Redwood Capital Investments was formed in 2006 and is based in Hanover, Maryland.


DEAL STATS #
Overall 1 of 1
Sector (Communications) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (South Carolina) 1 of 1
Country (United States) 1 of 1
Year (2021) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-08-09 Premier Trailer Leasing, Inc.

Lewisville, Texas, United States

Premier Trailer Leasing, Inc. is a provider of trailer leasing and rental assets and related value-added services in the United States. Premier now has over 32,000 units and 27 branches located in 20 different states. Premier’s fleet is comprised of new and late model air ride vans, flatbeds, chassis, refrigerated units, spring ride vans, as well as specialized flatbeds. Premier is proud of its value added service offerings, such as available GPS trailer tracking on all over-the-road equipment and a web portal allowing access to trailer registrations, lease and rental asset history, maintenance history, invoices, digital images of trailer condition and rental agreements.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-28 V.F. Corp. - The Occupational Workwear

Greenwood Village, North Carolina, United States

The occupational workwear portion of VF’s Work segment includes the following brands: Red Kap, VF Solutions, Bulwark, Workrite, Walls, Terra, Kodiak, Work Authority, and Horace Small.

Buy -
SELLER

WaveDivision Capital

Investor Investor Investor

website


Category Private Equity Firm
Founded 2003
SizeSmall
Type Sector Focused
DESCRIPTION

WaveDivision Capital is a private investment firm focused on the broadband industry. WaveDivision Capital was formed in 2003 and is headquartered in Kirkland, Washington.


DEAL STATS #
Overall 1 of 1
Sector (Communications) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (South Carolina) 1 of 1
Country (United States) 1 of 1
Year (2021) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-29 Frontier Communications Corp. - Associated Assets and Operations

Norwalk, Connecticut, United States

Frontier Communications Corp.'s Associated Assets and Operations comprises network passes 1.7 million residential and business locations, of which approximately 500,000 are fiber-to-the-premises capable. Frontier Communications Corp.'s Associated Assets is based in Norwalk, Connecticut.

Buy $1.4B
SELLER

Stephens Capital Partners

Little Rock, Arkansas, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
SizeMiddle-Market
Type Sector Agnostic
DESCRIPTION

Stephens Capital Partners is the direct, private equity investment arm of financial services firm Stephens, Inc. Stephens Capital looks to acquire minority or majority stakes in mid-sized, profitable companies in partnership with management. The Firm will consider opportunities throughout the US valued between $50 and $200 million. Stephens Capital will not consider venture investments or turnaround situations. Stephens Capital Partners is based in Little Rock, Arkansas.


DEAL STATS #
Overall 35 of 36
Sector (Communications) 2 of 3
Type (Add-on Acquisition) 17 of 17
State (South Carolina) 2 of 2
Country (United States) 34 of 35
Year (2021) 1 of 2
Size (of disclosed) 1 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-21 Genesys Aerosystems Group, Inc.

Mineral Wells, Texas, United States

Genesys Aerosystems is a provider of integrated avionics systems for military and civil aircraft manufacturers and operators. Genesys Aerosystems offers a diverse and growing product line which includes 3D Synthetic Vision Electronic Flight Instrument Systems, S-TEC Analog and Digital Autopilots, HeliSAS® Helicopter Autopilot and Stability Augmentation System, as well as sensors and components. Genesys Aerosystems was established in 2014 and is based in Mineral Wells, Texas.

Sell $78M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-16 Point Broadband LLC

West Point, Georgia, United States

Point Broadband is an internet service provider to residential and business customers in rural and suburban America. Point Broadband was established in 2016 and is based in West Point, Georgia.

Sell -
SELLER

The Pritzker Organization

Investor Investor Investor Investor Investor

website


Category Family Office
SizeLarge
Type Sector Agnostic
DESCRIPTION


DEAL STATS #
Overall 1 of 1
Sector (Communications) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (South Carolina) 1 of 1
Country (United States) 1 of 1
Year (2021) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-29 STV, Inc.

Douglassville, Pennsylvania, United States

STV, Inc. is a provider of architectural, engineering, planning, environmental, and construction management services for transportation systems, infrastructure, buildings, energy, and other facilities. STV was founded in 1912 and is based in Douglassville, Pennsylvania.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-09 Crown Health Care Laundry Services LLC

Pensacola, Florida, United States

Crown Health Care Laundry Services LLC is a provider of healthcare linen management solutions and products across the Southeast. Crown provides laundering, packaging, delivery and additional value-added services to healthcare facilities. Crown is based in Pensacola, Florida.

Buy -