M&A Deal Summary

CapitalG and TPG Global Acquires Astound Broadband

On August 15, 2016, corporate investor CapitalG and asset manager TPG Global acquired communications company Astound Broadband from Granahan McCourt Capital LLC, Spectrum Equity, HarbourVest Partners and ABRY Partners for 1.6B USD

Acquisition Highlights
  • This is CapitalG’s 1st and TPG Global’s 13th transaction in the Communications sector.
  • This is CapitalG’s 2nd and TPG Global’s 41st largest (disclosed) transaction.
  • This is CapitalG’s 16th and TPG Global’s 180th transaction in the United States.
  • This is CapitalG’s 1st and TPG Global’s 5th transaction in New Jersey.
Investment Fate
  • Astound Broadband was sold to a financial buyer in 2020 for 8.1B USD.

M&A Deal Summary

Date 2016-08-15
Target Astound Broadband
Sector Communications
Buyer(s) CapitalG
TPG Global
Sellers(s) Granahan McCourt Capital LLC
Spectrum Equity
HarbourVest Partners
ABRY Partners
Deal Type Secondary Buyout
Deal Value 1.6B USD
Advisor(s) Credit Suisse Investment Banking (Financial)
Kirkland & Ellis LLP
PwC Law LLP
Locke Lord LLP (Legal)

Target

Astound Broadband

Princeton, New Jersey, United States
website
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.

Search 167,785 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

CapitalG

San Francisco, California, United States

Investor Investor Investor Investor Investor

website


Category Corporate Investor
Founded 2013
PE ASSETS 3.0B USD
SizeLarge
Type Sector Focused
DESCRIPTION

CapitalG is the growth equity and direct investment arm of Alphabet, Inc. CapitalG invests in emerging tech-enabled service companies and assists with providing tactical advice across key functional areas such as engineering, product, sales, and marketing. CapitalG was formerly known as Google Capital. The Unit was formed in 2013 and is based in San Francisco, California.


DEAL STATS #
Overall 20 of 35
Sector (Communications) 1 of 1
Type (Secondary Buyout) 3 of 3
State (New Jersey) 1 of 1
Country (United States) 16 of 29
Year (2016) 2 of 3
Size (of disclosed) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-01-28 Pindrop

Atlanta, Georgia, United States

Pindrop is the pioneer in voice fraud prevention and authentication. Pindrop provides enterprise solutions to reduce fraud losses and authentication expenses for some of the largest call centers in the world. Pindrop’s patented Phoneprinting™ technology can identify, locate, and authenticate phone devices uniquely just from the call audio thereby detecting fraudulent calls as well as verifying legitimate callers. Pindrop was founded in 2011 and is based in Atlanta, Georgia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-11-25 Stripe, Inc.

South San Francisco, California, United States

Stripe is a web and mobile payment platform that allows individuals and businesses to accept online payments. Stripe handles billions of dollars every year for forward-thinking businesses around the world. Stripe was founded in 2010 and is based in San Francisco, California.

Buy -
Buyer

TPG Global

Fort Worth, Texas, United States

Investor Investor Investor Investor

website


Category Asset Manager
Founded 1992
PE ASSETS 96.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

TPG Capital is a global, mega-sized private investment firm that manages a family of funds focused on private equity, real estate, venture capital, public equity and debt investing. TPG invests in opportunities across a broad range of industries and geographies. TPG generally seeks to invest in established businesses that can benefit from the Firm's operational experience and connections. Industries of interest include consumer, retail, healthcare, industrials, digital media, natural resources, energy, real estate, technology, and software. TPG was formerly known as Texas Pacific Group and was originally established in 1992 by David Bonderman, James Coulter and William Price. The Firm is based in Forth Worth, Texas with additional offices in Europe, Asia, and Australia.


DEAL STATS #
Overall 269 of 384
Sector (Communications) 13 of 14
Type (Secondary Buyout) 31 of 56
State (New Jersey) 5 of 5
Country (United States) 180 of 255
Year (2016) 10 of 15
Size (of disclosed) 41 of 94
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-08-15 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 $650M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-09-01 C3.ai, Inc.

Redwood City, California, United States

C3.ai is an enterprise AI software provider for accelerating digital transformation. The proven C3 AI Suite provides comprehensive services to build enterprise-scale AI applications more efficiently and cost-effectively than alternative approaches. C3.ai was formed in 2009 and is based in Redwood City, California.

Buy -

Seller(S) 4

SELLER

Granahan McCourt Capital LLC

New York, New York, United States

Investor

website


Category Private Equity Firm
SizeSmall
Type Sector Focused
DESCRIPTION

Granahan McCourt Capital is a specialist investment firm focused on investments in the telecommunications and media industries. Granahan McCourt looks for small and medium-sized companies with strong market positions and 'where there is a forseeable event which allows for value creation'. The Firm's investment horizon is two to four years. Granahan McCourt Capital is based in Princeton, New Jersey.


DEAL STATS #
Overall 3 of 4
Sector (Communications) 1 of 1
Type (Secondary Buyout) 1 of 1
State (New Jersey) 1 of 1
Country (United States) 3 of 3
Year (2016) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-06-02 Satellite Holdings

Smithfield, North Carolina, United States

Skyware Global is a provider in the design, manufacture, and distribution of systems for the global satellite industry. Skyware Global provides direct-to-home, enterprise VSAT and satellite broadband equipment for residential, commercial and government use. Skyware Global was founded in 2008 and is based in Smithfield, North Carolina.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-08 Dugout Ltd.

London, United Kingdom

Dugout is a new digital football platform that takes fans off the pitch and behind the scenes of the beautiful game. Dugout gives football fans one single place to connect with their favorite clubs and players and away from the noise of multiple social media and news sites. Dugout was founded in 2016 and is based in London, United Kingdom.

Sell -
SELLER

Spectrum Equity

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1994
PE ASSETS 4.7B USD
SizeLarge
Type Sector Focused
DESCRIPTION

Spectrum Equity Management L.P. is a private equity investor focused on service businesses. Spectrum specifically targets established businesses in the media, communications, IT, information, and business services industries. The Firm looks to commit $25 to $100 million of equity capital per transaction and focuses on opportunities throughout North America and Western Europe. Prospective transaction situations include leveraged buyouts, recapitalizations, acquisition financings, and secondary purchases. Spectrum Equity Investors was formed in 1994 and has offices in Boston, Massachusetts and Menlo Park, California.


DEAL STATS #
Overall 44 of 63
Sector (Communications) 9 of 9
Type (Secondary Buyout) 3 of 7
State (New Jersey) 2 of 2
Country (United States) 39 of 56
Year (2016) 4 of 6
Size (of disclosed) 7 of 27
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-06-13 MedHOK, Inc. (Medical House of Knowledge)

Tampa, Florida, United States

MedHOK, Inc. is a provider of software-as-a-service (SaaS) solutions for health plans offered by insurance companies, health systems and companies that administer drug benefits.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-09-08 Finalsite

Glastonbury, Connecticut, United States

Finalsite is a SaaS-based learning and communications platform for K-12 independent and public schools and higher education institutions in the U.S. and internationally. The platform manages all aspects of a school’s web presence and facilitates the distribution of digital content across school communities and in classrooms via a proprietary, SaaS-based software suite accessed through desktops and mobile devices. Finalsite was founded in 1998 and is based in Glastonbury, Connecticut.

Sell -
SELLER

HarbourVest Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1978
PE ASSETS 86.0B USD
SizeMega
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 77 of 110
Sector (Communications) 8 of 11
Type (Secondary Buyout) 25 of 30
State (New Jersey) 3 of 4
Country (United States) 49 of 73
Year (2016) 5 of 8
Size (of disclosed) 13 of 35
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-08-10 Roompot Vakanties BV

Goes, Netherlands

Roompot is a European holiday park operator active in the exploitation of holiday parks, tour operating services for third party holiday parks, and the development of holiday parks. Roompot was founded in 1965 and is based in Goes, Netherlands.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-09-07 OTG Management

New York, New York, United States

OTG Management is an operator of airport food and beverage concessions. OTG Management was founded in 1996 and is based in New York city.

Buy -
SELLER

ABRY Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1989
PE ASSETS 12.8B USD
SizeMega
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 58 of 91
Sector (Communications) 12 of 15
Type (Secondary Buyout) 15 of 27
State (New Jersey) 6 of 8
Country (United States) 52 of 79
Year (2016) 4 of 8
Size (of disclosed) 5 of 28
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-08-15 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.

Sell $650M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-08-22 LanguageLine Solutions, Inc.

Monterey, California, United States

LanguageLine Solutions, Inc. is a provider of over-the-phone interpretation services from English into more than 150 languages, 24 hours a day, seven days a week.

Sell $1.5B