M&A Deal Summary

Providence Equity Partners, M/C Partners, Alta Equity Partners, Meritage Funds and Nautic Partners Acquire Brooks Fiber Properties

On January 1, 1993, private equity firm Providence Equity Partners, private equity firm M/C Partners, private equity firm Alta Equity Partners, growth capital firm Meritage Funds and private equity firm Nautic Partners acquired communications company Brooks Fiber Properties

Acquisition Highlights
  • This is Providence Equity Partners’ 2nd, M/C Partners’ 3rd, Alta Equity Partners’ 1st, Meritage Funds’ 1st and Nautic Partners’ 1st transaction in the Communications sector.
  • This is Providence Equity Partners’ 2nd, M/C Partners’ 3rd, Alta Equity Partners’ 3rd, Meritage Funds’ 1st and Nautic Partners’ 2nd transaction in the United States.
  • This is Providence Equity Partners’ 1st, M/C Partners’ 1st, Alta Equity Partners’ 1st, Meritage Funds’ 1st and Nautic Partners’ 1st transaction in Missouri.
Investment Fate
  • Brooks Fiber Properties went public in 1996.
  • Brooks Fiber Properties was sold to a strategic buyer in 1997 for 2.4B USD.

M&A Deal Summary

Date 1993-01-01
Target Brooks Fiber Properties
Sector Communications
Buyer(s) Providence Equity Partners
M/C Partners
Alta Equity Partners
Meritage Funds
Nautic Partners
Deal Type Buyout (LBO, MBO, MBI)

Target

Brooks Fiber Properties

St. Louis, Missouri, United States
Brooks Fiber Properties, Inc. is a provider of competitive local telecommunications services, with an emphasis on secondary markets, by aggressively pursuing switched services opportunities, further building out existing systems and expanding service offerings.

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Buyer(S) 5

Buyer

Providence Equity Partners

Providence, Rhode Island, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1989
PE ASSETS 38.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Providence Equity Partners is a specialist private equity firm that targets investments in media, entertainment, communications, and information companies. Specifically, Providence seeks investments in wireless and wireline telephony, cable television content and distribution, music, film, publishing, radio and television broadcasting, and other media and communications sectors. Providence Equity looks to commit $150 million to $800 million of equity capital in transactions ranging from growth financings and recapitalizations, to buyouts and take-privates. Providence Equity Partners was formed in 1989 and has offices in Providence, Rhode Island; New York, New York; Los Angeles, California; London, United Kingdom; Hong Kong, China; and New Delhi, India.


DEAL STATS #
Overall 2 of 137
Sector: Communications M&A 2 of 20
Type: Buyout (LBO, MBO, MBI) M&A Deals 2 of 23
State: Missouri M&A 1 of 3
Country: United States M&A 2 of 86
Year: 1993 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1992-10-01 Western Wireless

Issaquah, Washington, United States

Western Wireless Corporation is a cellular network operator that provided mobile telecommunications service to subscribers in 19 western states and seven countries.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
1994-04-29 Powerfone Holdings

Detroit, Michigan, United States

Powerfone Holdings, Inc. provides mobile radio communications services. The company is based in Detroit, Michigan.

Sell $370M
Buyer

M/C Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1986
PE ASSETS 2.4B USD
Size Large
Type Sector Focused
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 $10 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 3 of 52
Sector: Communications M&A 3 of 32
Type: Buyout (LBO, MBO, MBI) M&A Deals 2 of 20
State: Missouri M&A 1 of 1
Country: United States M&A 3 of 45
Year: 1993 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1993-01-01 Western Wireless

Issaquah, Washington, United States

Western Wireless Corporation is a cellular network operator that provided mobile telecommunications service to subscribers in 19 western states and seven countries.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
1995-01-01 FrontierVision Partners

Denver, Colorado, United States

FrontierVision Partners, L.P. is a provider of cable television systems in small and medium-sized suburban and exurban communities. The company controlled over 500,000 subscribers, principally in the states of Ohio, Kentucky, and Maine.

Buy $123M
Buyer

Alta Equity Partners

Concord, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1989
Size Small
Type Sector Agnostic
DESCRIPTION

Alta Equity Partners is a private equity firm focused on acquiring lower middle-market, US-based companies. The Firm is a generalist investor but targets companies exhibiting recurring revenue business models, low capital intensity, proven management, and opportunities for growth. Prospective transaction situations of interest include recapitalizations, management buyouts, divestitures, and special situations. Alta Equity Partners was formerly known as Alta Communications. Alta Communications was formed in 1989 and the Firm changed its name to Alta Equity Partners in 2010. Alta Equity Partners is based in Concord, Massachusetts.


DEAL STATS #
Overall 3 of 40
Sector: Communications M&A 1 of 9
Type: Buyout (LBO, MBO, MBI) M&A Deals 3 of 27
State: Missouri M&A 1 of 1
Country: United States M&A 3 of 36
Year: 1993 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1987-01-01 Panache Broadcasting

Bala Cynwyd, Pennsylvania, United States

Panache, a company led by a twenty-year radio veteran Charles Schwartz, was formed in 1992 to purchase and operate radio stations in Philadelphia and Indianapolis.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
1995-01-01 Telemundo Communications Group

Hialeah, Florida, United States

Telemundo Communications Group, Inc. is an American television network that broadcasts in Spanish. The network is the second-largest Spanish-language content producer in the world.

Buy -
Buyer

Meritage Funds

Arvada, Colorado, United States

Investor Investor


Category Growth Capital Firm
Founded 1998
PE ASSETS 1.0B USD
Size Large
Type Sector Focused
DESCRIPTION

Meritage Funds is a private investment firm focused on growth equity opportunities. The Firm targets companies that deliver tech-based services that leverage recurring revenue business models. Areas of interest include businesses that 'enable communications, deliver content, and facilitate commerce'. Prospective transaction situations include direct equity financings, recapitalizations, control acquisitions, consolidations, restructurings, spin-outs and management buy-outs. Meritage typically looks to commit $3 to $20 million over the lifecycle of an investment. Meritage Funds was formed in 1998 and is based in Arvada, Colorado.


DEAL STATS #
Overall 1 of 16
Sector: Communications M&A 1 of 7
Type: Buyout (LBO, MBO, MBI) M&A Deals 1 of 5
State: Missouri M&A 1 of 1
Country: United States M&A 1 of 15
Year: 1993 M&A 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
1996-01-01 MetroNet Communications

Calgary, Alberta, Canada

MetroNet Communications Corp. is an independent facilities based provider of competitive telecommunications services in Canada.

Buy -
Buyer

Nautic Partners

Providence, Rhode Island, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1986
PE ASSETS 9.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Nautic Partners is a private equity firm focused on middle-market company investments based in the US. Nautic looks to invest $50 to $400 million of equity in businesses valued between $100 million and $1 billion. Nautic's industry focus is business services, manufacturing, healthcare, and communications. Prospective investment structures include buyouts, recapitalizations, consolidations, and growth financings. Nautic prefers majority investment positions. Nautic Partners was formed in 1986 and is based in Providence, Rhode Island.


DEAL STATS #
Overall 2 of 83
Sector: Communications M&A 1 of 2
Type: Buyout (LBO, MBO, MBI) M&A Deals 2 of 33
State: Missouri M&A 1 of 3
Country: United States M&A 2 of 82
Year: 1993 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1993-01-01 Compbenefits

Roswell, Georgia, United States

CompBenefits Corporation provides dental and vision care benefit plans in the United States.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
1995-11-15 Mom365

Maryland Heights, Missouri, United States

Mom365 is a provider of professional in-hospital newborn photography services in United States. Mom365 was founded in 1947 and is based in Maryland Heights, Missouri.

Buy $47M