M&A Deal Summary

Oak Hill Capital and GI Partners Acquire Wave Broadband

On June 1, 2012, private equity firms Oak Hill Capital and GI Partners acquired communications company Wave Broadband from Sandler Capital Management

Acquisition Highlights
  • This is Oak Hill Capital’s 4th and GI Partners’ 1st transaction in the Communications sector.
  • This is Oak Hill Capital’s 39th and GI Partners’ 14th transaction in the United States.
  • This is Oak Hill Capital’s 2nd and GI Partners’ 1st transaction in Washington.
Investment Fate
  • Wave Broadband was sold to a strategic buyer in 2017 for 2.4B USD.

M&A Deal Summary

Date 2012-06-01
Target Wave Broadband
Sector Communications
Buyer(s) Oak Hill Capital
GI Partners
Sellers(s) Sandler Capital Management
Deal Type Secondary Buyout
Advisor(s) RBC Capital Markets
Waller Capital Partners (Financial)
Dow Lohnes PLLC (Legal)

Target

Wave Broadband

Kirkland, Washington, United States
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.

Search 203,761 Deals Now

SEARCH BY

  • Buyer Type (PE or Strategic)
  • Deal Size ($10M to $10B+)
  • Sector (60 Sectors)
  • Deal Type
  • Geography
  • & More

Try For Free 7-Day Free Trial

Buyer(S) 2

Buyer

Oak Hill Capital

Stamford, Connecticut, United States

Investor Investor Investor Investor


Category Private Equity Firm
Founded 1986
PE ASSETS 9.5B USD
Size Mega
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 45 of 76
Sector (Communications) 4 of 13
Type (Secondary Buyout) 10 of 25
State (Washington) 2 of 2
Country (United States) 39 of 69
Year (2012) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-04-09 Earth Fare

Asheville, North Carolina, United States

Earth Fare is a supermarket operator providing all-natural, organic, premium and specialty foods and products in the southeastern United States. Earth Fare was founded in 1975 and is based in Asheville, North Carolina.

Buy $300M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-07-18 Atlantic Broadband Group

Quincy, Massachusetts, United States

Atlantic Broadband is a cable operator which provides analog and digital video services as well as high-speed data services to subscribers in Miami Beach, Western Pennsylvania, Maryland, and Delaware.

Sell $1.4B
Buyer

GI Partners

San Francisco, California, United States


Category Private Equity Firm
Founded 2001
PE ASSETS 42.0B USD
Size Mega
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 $1500 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 22 of 59
Sector (Communications) 1 of 7
Type (Secondary Buyout) 4 of 22
State (Washington) 1 of 1
Country (United States) 14 of 47
Year (2012) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-01-11 Waypoint Homes

Oakland, California, United States

Waypoint Homes is a vertically integrated investment company that has developed an opportunistic buy & hold strategy for single-family residential real estate. Waypoint Homes was formed in 2008 and is based in Oakland, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-09-06 Vitalyst

Bala Cynwyd, Pennsylvania, United States

Vitalyst is a provider of remote, desktop application software support services for Fortune 1000 Companies. The Company works in partnership with clients' IT departments as both a Help Desk support enhancement as well as a remote training department for desktop application software. Vitalyst was founded in 1992 and is based in Bala Cynwyd, Pennsylvania.

Sell -

Seller(S) 1

SELLER

Sandler Capital Management

New York, New York, United States

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 1990
PE ASSETS 1.6B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Sandler Capital Management is a private investment firm that manages both hedge funds and private equity funds. Sandler's private equity practice was established in 1990, which targets investments in the media, communications, entertainment and marketing/information services sectors. Sandler will consider minority or majority positions and has a target investment size of $5 to $60 million per transaction. Sandler Capital is based in New York City.


DEAL STATS #
Overall 8 of 10
Sector (Communications) 5 of 5
Type (Secondary Buyout) 1 of 1
State (Washington) 1 of 1
Country (United States) 7 of 9
Year (2012) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-05-21 AMC

Leawood, Kansas, United States

AMC is a theatrical exhibition company. The Company operates more then 400 locations across North America and China. AMC was incorporated in 1920 and is based in Leawood, Kansas.

Sell $2.6B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-03-19 Charter Communications

Stamford, Connecticut, United States

Charter Communications is a broadband communications company. Charter provides a full range of advanced broadband services, including advanced Charter Spectrum TV video entertainment programming, Charter Spectrum Internet® access, and Charter Spectrum Voice. Charter Communications was incorporated in 1993 and is based in Stamford, Connecticut.

Buy -