M&A Deal Summary

Peppertree Capital, Pamlico Capital, M/C Partners, Berkshire Partners, ABRY Partners, HarbourVest Partners and Ridgemont Equity Partners Acquire Lightower Fiber Networks

On April 11, 2013, private equity firms Peppertree Capital, Pamlico Capital, M/C Partners, Berkshire Partners, ABRY Partners, HarbourVest Partners and Ridgemont Equity Partners acquired communications company Lightower Fiber Networks for 2.0B USD

Acquisition Highlights
  • This is Peppertree Capital’s 6th, Pamlico Capital’s 7th, M/C Partners’ 21st, Berkshire Partners’ 4th, ABRY Partners’ 13th, HarbourVest Partners’ 11th and Ridgemont Equity Partners’ 7th transaction in the Communications sector.
  • This is Peppertree Capital’s , Pamlico Capital’s 4th, M/C Partners’ , Berkshire Partners’ , ABRY Partners’ , HarbourVest Partners’ 29th and Ridgemont Equity Partners’ 8th largest (disclosed) transaction.
  • This is Peppertree Capital’s 18th, Pamlico Capital’s 41st, M/C Partners’ 22nd, Berkshire Partners’ 52nd, ABRY Partners’ 76th, HarbourVest Partners’ 69th and Ridgemont Equity Partners’ 73rd transaction in the United States.
  • This is Peppertree Capital’s 1st, Pamlico Capital’s 2nd, M/C Partners’ 1st, Berkshire Partners’ 8th, ABRY Partners’ 6th, HarbourVest Partners’ 6th and Ridgemont Equity Partners’ 2nd transaction in Massachusetts.
Investment Fate
  • Lightower Fiber Networks was sold to a publicly-traded strategic buyer in 2017 for 7.1B USD.

M&A Deal Summary

Date 2013-04-11
Target Lightower Fiber Networks
Sector Communications
Buyer(s) Peppertree Capital
Pamlico Capital
M/C Partners
Berkshire Partners
ABRY Partners
HarbourVest Partners
Ridgemont Equity Partners
Deal Type Recapitalization
Deal Value 2.0B USD
Advisor(s) Alston & Bird LLP (Legal)

Target

Lightower Fiber Networks

Boxborough, Massachusetts, United States
website
Lightower Fiber Networks LLC is a fiber network and broadband service provider in the Northeast, offering over 4,600 fiber route miles coupled with comprehensive transport, alternative access, and nationwide long haul services.

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Buyer(S) 7

Buyer

Peppertree Capital

Chagrin Falls, Ohio, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2003
PE ASSETS 135M USD
Size Small
Type Sector Agnostic
DESCRIPTION

Peppertree Capital Management, Inc. (PCM) is a private equity firm that targets middle market wireless telecommunication infrastructure companies. PCM focuses on growing companies with recurring, predictable cash-flows, and led by management with proven track records. Areas of interest include telecommunications, media and recurring services. Target transaction types include buyouts, recapitalizations and growth capital financings. Peppertree Capital Management, Inc. was formed in 2003 and is based in Chagrin Falls, Ohio. The Firm has an additional office in Dallas, Texas.


DEAL STATS #
Overall 18 of 19
Sector (Communications) 6 of 6
Type (Recapitalization) 1 of 1
State (Massachusetts) 1 of 1
Country (United States) 18 of 19
Year (2013) 1 of 1
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-12-04 Pegasus Tower Development

Tazewell, Virginia, United States

Pegasus Tower Development Co. LLC is a wireless infrastructure management and development services company.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-07-10 AC Lordi

Malvern, Pennsylvania, United States

AC Lordi Corp. is a provider of accounting and risk management consulting and executive search.

Sell -
Buyer

Pamlico Capital

Charlotte, North Carolina, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1988
PE ASSETS 3.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Pamlico Capital is a private equity group focused on mid-sized transactions. Pamlico looks to invest $25 to $125 million per transaction. Sectors of interest include business and technology services, consumer products/services, industrial, energy, financial services, healthcare, media, and communications. Pamlico will consider both minority and majority positions. Prospective transactions include management or leveraged buyouts, recapitalizations, growth financings, mezzanine, and special situations. Pamlico was formerly known as Wachovia Capital Partners. The Firm was originally formed in 1988 and is based in Charlotte, North Carolina.


DEAL STATS #
Overall 43 of 80
Sector (Communications) 7 of 9
Type (Recapitalization) 4 of 10
State (Massachusetts) 2 of 4
Country (United States) 41 of 75
Year (2013) 1 of 2
Size (of disclosed) 4 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-02-13 NewWave Communications

Sikeston, Missouri, United States

NewWave Communications, Inc. is a broadband/cable company providing television, high speed internet, and digital telephone services for residential and business customers.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-08-30 Physicians Endoscopy

Jamison, Pennsylvania, United States

Physicians Endoscopy LLC is a developer, manager, and owner of freestanding, single-specialty endoscopic Ambulatory Surgery Centers in partnership with practicing physicians and hospitals.

Buy -
Buyer

M/C Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1986
PE ASSETS 1.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

M/C Partners is a private equity and venture capital firm that targets communications, media and information technology companies throughout the US, Canada and Europe. M/C looks to invest $5 to $50 million per transaction and is usually the first institutional investor in its portfolio companies. Areas of interest include cable system operators, wireline communications services, fixed wireless broadband operators, media/content, mobile wireless data software and services and operators, wireless tower operators and on-demand software companies. Prospective transaction types include buyouts, growth capital and seed capital financing. M/C partners was formerly known as Chestnut Street Partners. M/C Partners was founded in 1986. The Firm is based in Boston with additional offices in San Francisco and London.


DEAL STATS #
Overall 28 of 46
Sector (Communications) 21 of 28
Type (Recapitalization) 1 of 1
State (Massachusetts) 1 of 2
Country (United States) 22 of 39
Year (2013) 1 of 1
Size (of disclosed) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-01-01 CoreLink Data Centers

Mount Prospect, Illinois, United States

M/C partnered with management to form CoreLink Data Centers in late 2007 to pursue the long-term trend of outsourcing information technology to managed services data centers. Corelink focuses on identifying and acquiring colocation opportunities in geographical markets that have high growth potential and are currently underserved. To date, CDC acquired datacenter assets in Seattle and Phoenix. CoreLink Data Centers is based in Mount Prospect, Illinois.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-08-05 Baja Broadband

Alamogordo, New Mexico, United States

Baja Broadband is a full-service communications company offering best-in-class residential and commercial video, high-speed Internet, and voice services. Baja is committed to being the major provider of entertainment, information, and communication services in the communities it serves.

Sell $268M
Buyer

Berkshire Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1984
PE ASSETS 16.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Berkshire Partners is a private equity firm focused on investing in businesses with strong management and that lead their respective markets. Berkshire will consider investments in both public and private companies. Prospective transactions for private companies include leveraged buyouts, recapitalizations, growth capital financings, and privatizations. Public company transactions include take-privates, PIPEs, and equity stakes. Berkshire generally looks to invest $50 to $500 million of equity capital per transaction in companies valued up to $2 billion. Sectors of interest include industrial manufacturing, consumer products, retailing, transportation, communications and business services. Berkshire Partners was formed in 1984 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 59 of 88
Sector (Communications) 4 of 5
Type (Recapitalization) 17 of 23
State (Massachusetts) 8 of 14
Country (United States) 52 of 78
Year (2013) 2 of 2
Size (of disclosed) 1 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-02-28 SRS Distribution

McKinney, Texas, United States

SRS Distribution is a distributor of residential roofing materials and supplies in the U.S. SRS has over 160 branches in more than 40 states serving a diverse group of roofing contractors, home builders, and retailers. SRS Distribution was founded in 2008 and is based in McKinney, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-06-13 Coty

New York, New York, United States

Coty is a pure play beauty company with a portfolio of well-known fragrances, color cosmetics and skin & body care products sold in over 130 countries and territories. Coty was incorporated in 1904 and is headquartered in New York, New York.

Sell -
Buyer

ABRY Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1989
PE ASSETS 12.8B USD
Size Mega
Type Sector Focused
DESCRIPTION

ABRY Partners is a media and communications focused private equity investment firm. Specific areas of interest include television, publishing, convention/trade shows, for-profit training, couponing, monitoring services, telephone companies, communications towers, music libraries, database providers, wireless communications, and in-store advertisers. ABRY can provide both equity and mezzanine capital, typically committing $20 to $200 million of equity or $15 to $50 million of mezzanine capital per transaction. Prospective transaction situations include buyouts, expansion financings, platform acquisitions, consolidations, and recapitalizations. ABRY Partners was formed in 1989 and is headquartered in Boston, Massachusetts.


DEAL STATS #
Overall 88 of 155
Sector (Communications) 13 of 16
Type (Recapitalization) 6 of 14
State (Massachusetts) 6 of 10
Country (United States) 76 of 132
Year (2013) 3 of 6
Size (of disclosed) 1 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-04-11 Sidera Networks

New York, New York, United States

Sidera Networks, Inc. is a provider of tailored, high capacity communications services that ensure optimal business performance to carrier and enterprise customers. Sidera Networks offers a comprehensive suite of facilities-based services including: Ethernet, SONET, wavelength, internet access, colocation and more. With a fiber optic network leveraging unique rights-of-way that spans from Maine to Virginia, out to Chicago and up to Toronto, Sidera is committed to delivering cost-effective, custom solutions coupled with superior industry expertise, service and support.

Sell $2.0B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-05-07 Airband Communications

Dallas, Texas, United States

Airband Communications, Inc. is a broadband communications provider of Voice over IP and high-speed data solutions primarily using broadband fixed wireless technology. airBand currently offers its data services in 5 U.S. markets including the Baltimore, Dallas, Fort Worth, Houston, Philadelphia and Phoenix metropolitan areas.

Sell -
Buyer

HarbourVest Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1978
PE ASSETS 86.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HarbourVest Partners, LLC is an investment firm that makes investments in new private equity partnerships, acquires secondary interests, and makes direct investments in operating companies. HarbourVest's largest investment area is investments in private equity funds, comprising of approximately 2/3 of HarbourVest's assets. HarbourVest's direct investment group looks for investments in growth oriented businesses at a variety of stages. The Group generally targets co-investments of $5 to $100 million, growth capital financings of $5 to $40 million, or mezzanine commitments of $5 to $20 million. Sectors of interest include software, hardware, data communications, telecommunications, and financial services. HarbourVest was formed in 1997 to assume the business of Hancock Venture Partners which was formed in 1982. HarbourVest Partners is based in Boston, Massachusetts, with additional offices in London, Tokyo, and Hong Kong.


DEAL STATS #
Overall 115 of 222
Sector (Communications) 11 of 13
Type (Recapitalization) 6 of 11
State (Massachusetts) 6 of 9
Country (United States) 69 of 131
Year (2013) 5 of 11
Size (of disclosed) 29 of 69
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-04-11 Sidera Networks

New York, New York, United States

Sidera Networks, Inc. is a provider of tailored, high capacity communications services that ensure optimal business performance to carrier and enterprise customers. Sidera Networks offers a comprehensive suite of facilities-based services including: Ethernet, SONET, wavelength, internet access, colocation and more. With a fiber optic network leveraging unique rights-of-way that spans from Maine to Virginia, out to Chicago and up to Toronto, Sidera is committed to delivering cost-effective, custom solutions coupled with superior industry expertise, service and support.

Sell $2.0B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-04-19 SeaWorld

Orlando, Florida, United States

SeaWorld is a theme park and entertainment company focused on delivering personal, interactive and educational experiences that blend imagination with nature and enable customers to celebrate, connect with and care for the natural world. SeaWorld owns or licenses a portfolio of globally recognized brands including SeaWorld, Shamu and Busch Gardens. The Company's theme parks feature a diverse array of rides, shows and other attractions with broad demographic appeal which deliver memorable experiences and a strong value proposition for guests. SeaWorld was formed in 1959 and is based in Orlando, Florida.

Sell -
Buyer

Ridgemont Equity Partners

Charlotte, North Carolina, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1993
PE ASSETS 6.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Ridgemont Equity Partners is an independent private equity firm specializing in middle-market buy-outs, corporate divestitures, recapitalizations and growth capital investments. The Firm targets to invest in companies located in North America, preferably in US and Canada. REP looks to invest up to $250 million in companies with EBIDTA of $5 - $50 million. The Firm seeks to hold both majority and minority equity interest in portfolio companies. Specific areas of interest include basin industries and services, energy, healthcare, telecommunications, media and technology. Ridgemont Equity Partners is a spun-off of Banc of America Capital Investors (BACI). Ridgemont Equity Partners was formed in August 2010 and is based in Charlotte, North Carolina.


DEAL STATS #
Overall 87 of 130
Sector (Communications) 7 of 8
Type (Recapitalization) 2 of 6
State (Massachusetts) 2 of 4
Country (United States) 73 of 116
Year (2013) 4 of 4
Size (of disclosed) 8 of 19
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-04-09 Simpleview

Tucson, Arizona, United States

Simpleview provides destination marketing organizations (“DMOs”) and convention and visitors bureaus (“CVBs”) with mission-critical, subscription software-as-a-service (“SaaS”) products and solutions. Simpleview is the travel and tourism industry’s leading provider of customer relationship management, content management system, digital marketing, revenue generation and mobile technologies. Simpleview was formed in 1991 and is based in Tucson, Arizona.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-07-30 LIN Media

Providence, Rhode Island, United States

LIN Media is a local multimedia company that operates or services 43 television stations and seven digital channels in 23 U.S. markets, along with a diverse portfolio of websites, apps and mobile products that make it more convenient to access its unique and relevant content on multiple screens. LIN Media’s highly-rated television stations deliver important local news and community stories along with top-rated sports and entertainment programming to 10.5% of U.S. television homes. The Company’s growing digital media portfolio helps agencies and brands effectively and efficiently reach their target audiences at scale by utilizing its ComScore Top 15 Video and Top 25 Display market share, and the latest in conversational marketing, video, display, mobile, social intelligence and monetization, as well as reporting across all screens.

Sell -