M&A Deal Summary

Adelphia Communications Acquires FrontierVision Partners

On February 23, 1999, Adelphia Communications acquired communications company FrontierVision Partners from Eos, DAG Private Equity, M/C Partners and Olympus Partners for 2.1B USD

Acquisition Highlights
  • This is Adelphia Communications’ 2nd transaction in the Communications sector.
  • This is Adelphia Communications’ 2nd largest (disclosed) transaction.
  • This is Adelphia Communications’ 2nd transaction in the United States.
  • This is Adelphia Communications’ 1st transaction in Colorado.

M&A Deal Summary
Date 1999-02-23
Target FrontierVision Partners
Sector Communications
Buyer(s) Adelphia Communications
Sellers(s) Eos
DAG Private Equity
M/C Partners
Olympus Partners
Deal Type Add-on Acquisition
Deal Value 2.1B USD

Target

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.

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Buyer(S) 1

Buyer

Adelphia Communications

Coudersport, Pennsylvania, United States
Category Company
Founded 1952
Sector Communications
DESCRIPTION

Adelphia Communications was the country’s sixth largest cable television operator and, through various subsidiaries, provided cable television and local telephone service to customers in twenty-nine states and Puerto Rico.

DEAL STATS #
Overall 2 of 5
Sector (Communications) 2 of 5
Type (Add-on Acquisition) 2 of 4
State (Colorado) 1 of 1
Country (United States) 2 of 5
Year (1999) 1 of 2
Size (of disclosed) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1998-12-21 Verto Communications

Scranton, Pennsylvania, United States

Verto Communications, Inc. provides cable television to approximately 56,000 subscribers in the greater Scranton, Pennsylvania area.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
1999-03-05 Century Communications

New Canaan, Connecticut, United States

Century Communications Corp. owns and operates cable television systems with significant concentrations of subscribers in California, Colorado and Puerto Rico.

Buy $5.2B

Seller(S) 4

SELLER

Eos

New York, New York, United States
Category Asset Manager
Founded 1994
PE ASSETS 1.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Eos is an investment firm with strategies covering private equity, public equity, and credit markets. The Firm targets businesses generating sales of $25 to $500 million and EBITDA of $5 to $50 million. Eos invests in businesses under-going ownership changes, divestitures, management buyouts or and recapitalizations. The Firm invests up to $100 million per transaction. Target sectors include business/outsourced services, alternative media/marketing, healthcare services, transportation/logistics, infrastructure/environmental services, energy, and financial services. Eos was formed in 1994 and is based in New York City.

DEAL STATS #
Overall 2 of 25
Sector (Communications) 2 of 2
Type (Add-on Acquisition) 1 of 6
State (Colorado) 1 of 2
Country (United States) 2 of 25
Year (1999) 2 of 2
Size (of disclosed) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1999-01-01 Mark Twain Cablevision

Wabasha, Missouri, United States

Mark Twain Cablevision is a consolidator and operator of cable television systems in Rural U.S. markets. Mark Twain Cablevision back Fanch Communications, a leading cable television operator, in acquiring five rural cable systems serving over 43,000 subscribers in six states.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
1999-05-01 Bargo Energy

Houston, Texas, United States

Bargo Energy Company is an exploration and production company based in Houston, Texas that focused on the acquisition, divestiture, development and production of oil and gas properties in Texas, Louisiana, California and New Mexico.

Buy -
SELLER

DAG Private Equity

San Francisco, California, United States

Investor

Category Private Equity Firm
Founded 1991
PE ASSETS 1.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

DAG Private Equity (“DAG PE”) is an private equity arm of Duff Ackerman & Goodrich LLC (DAG). DAG Private Equity invests its equity capital with strong management teams focused on building companies in well-defined, growing market niches in select industry segments – specialty manufacturing, communications, media, and information technology. DAG Private Equity was formed in 1991 and is based in San Francisco, California.

DEAL STATS #
Overall 4 of 12
Sector (Communications) 1 of 3
Type (Add-on Acquisition) 2 of 7
State (Colorado) 1 of 1
Country (United States) 4 of 11
Year (1999) 1 of 2
Size (of disclosed) 1 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1998-02-18 The Burke Group

Atlanta, Georgia, United States

In 1996, DAG acquired The Burke Group which manufactured hardware and chemicals used in concrete construction. The company's cash flow went from negative to positive and the company was sold to MMI Products in 1998 for cash.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
1999-11-09 Triton Cellular Partners

Albany, Oregon, United States

Triton Cellular Partners LP is an investment vehicle for the acquisition of rural cellular telephony properties in the United States.

Sell $1.2B
SELLER

M/C Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

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 6 of 31
Sector (Communications) 6 of 20
Type (Add-on Acquisition) 3 of 16
State (Colorado) 1 of 2
Country (United States) 6 of 26
Year (1999) 3 of 4
Size (of disclosed) 3 of 15
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1999-01-18 WNP Communications

Earlysville, Virginia, United States

WNP Communications, Inc. is a provider of broadband wireless services.

Sell $695M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
1999-11-09 Triton Cellular Partners

Albany, Oregon, United States

Triton Cellular Partners LP is an investment vehicle for the acquisition of rural cellular telephony properties in the United States.

Sell $1.2B
SELLER

Olympus Partners

Stamford, Connecticut, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1988
PE ASSETS 8.4B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Olympus Partners is a private equity group focused on investing in growth companies with strong management, and positions in their respective markets. The Firm will consider both venture capital and private equity investments and looks to commit $50 to $300 million per transaction. The Firm focuses its investment activities within the business services, healthcare, financial services, consumer, restaurant, software/IT services, and logistics/transportation industries. Olympus Partners was formed in 1988 and is based in Stamford Connecticut.

DEAL STATS #
Overall 7 of 50
Sector (Communications) 1 of 1
Type (Add-on Acquisition) 2 of 23
State (Colorado) 1 of 1
Country (United States) 7 of 47
Year (1999) 3 of 4
Size (of disclosed) 2 of 14
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1999-02-19 Vignette

Austin, Texas, United States

Vignette is proud to be a part of Open Text, a global leader in Enterprise Content Management. Together, our Web content management, portal and collaboration solutions provide the backbone for dynamic Web experiences. The world’s leading organizations rely on Vignette to power their business-critical Web and e-business solutions and to deliver benefits such as increased customer loyalty, revenue generation, productivity and costs savings.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
1999-10-04 Preview Travel

San Francisco, California, United States

Preview Travel is a leading provider of online travel services for leisure and small business travelers. The company?s website offers one-stop shopping for airline tickets, hotels, rental cars and vacation packages.

Sell -
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