M&A Deal Summary

Shenandoah Telecommunication Acquires Horizon

On October 24, 2023, Shenandoah Telecommunication acquired communications company Horizon from Novacap, HarbourVest Partners, Bregal Sagemount and GCM Grosvenor for 385M USD

Acquisition Highlights
  • This is Shenandoah Telecommunication’s 5th transaction in the Communications sector.
  • This is Shenandoah Telecommunication’s 2nd largest (disclosed) transaction.
  • This is Shenandoah Telecommunication’s 6th transaction in the United States.
  • This is Shenandoah Telecommunication’s 1st transaction in Ohio.

M&A Deal Summary
Date 2023-10-24
Target Horizon
Sector Communications
Buyer(s) Shenandoah Telecommunication
Sellers(s) Novacap
HarbourVest Partners
Bregal Sagemount
GCM Grosvenor
Deal Type Add-on Acquisition
Deal Value 385M USD
Advisor(s) Bank Street (Financial)
Baker Botts (Legal)

Target

Horizon

Columbus, Ohio, United States
Horizon is a provider of advanced broadband services throughout much of Ohio and into surrounding states. Utilizing its extensive network of fiber optic cable, Horizon delivers advanced high-speed data services, Internet, voice, digital video, security, and monitoring services. Horizon was founded in 1895 and is based in Columbus, Ohio.

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Buyer(S) 1

Buyer

Shenandoah Telecommunication

Edinburg, Virginia, United States
Category Company
Founded 1902
Sector Communications
Employees845
Revenue 287M USD (2023)
DESCRIPTION

Shenandoah Telecommunication is a diversified telecommunications holding company, provides both regulated and unregulated telecommunications services to end-user customers and other telecommunications providers in Virginia, West Virginia, central Pennsylvania, and western Maryland. Shenandoah Telecommunication was founded in 1902 and is based in Edinburg, Virginia.

DEAL STATS #
Overall 6 of 6
Sector (Communications) 5 of 5
Type (Add-on Acquisition) 5 of 5
State (Ohio) 1 of 1
Country (United States) 6 of 6
Year (2023) 1 of 1
Size (of disclosed) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-02 Shenandoah Telecommunication - Wireless Assets

Edinburgh, Virginia, United States

Shentel’s Wireless Assets provides wireless services to customers in the Mid-Atlantic United States.

Sell $2.0B

Seller(S) 4

SELLER

Novacap

Brossard, Quebec, Canada

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1981
PE ASSETS 8.0B CAD
Size Mega
Type Sector Agnostic
DESCRIPTION

Novacap is a large private equity firm focused on middle-market company acquisitions in Canada. Novacap pursues companies with $30 to $500 million in sales and will consider transactions valued up to $500 million. Target transaction situations include partial or full buyouts, spin-offs, take privates, recapitalizations, and growth capital financings. Novacap will consider opportunities in basic industries as well as high-growth tech sectors. Novacap was formed in 1981 and has offices in Toronto and Montreal.

DEAL STATS #
Overall 24 of 30
Sector (Communications) 1 of 1
Type (Add-on Acquisition) 10 of 13
State (Ohio) 1 of 1
Country (United States) 9 of 10
Year (2023) 1 of 3
Size (of disclosed) 2 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-08-09 Cadent

New York, New York, United States

Cadent is a media services company that aggregates local cable television advertising inventory for resale to national advertisers. Cadent was founded in 2007 and is based in New York, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-11-08 Lewis & Ellis

Plano, Texas, United States

Lewis & Ellis is a provider of full-service actuarial consulting firm offering specialized services to a wide array of clients, from global corporations to regional and mid-sized companies. Lewis & Ellis’s ability to provide cost-effective solutions to difficult problems its clients face in their markets today. Lewis & Ellis’s actuaries serve clients in sectors such as life, health, and property and casualty insurance, along with providing consulting services for regulatory compliance, life settlements, risk management, and more. Lewis & Ellis was founded in 1968 and is based in Plano, Texas.

Buy -
SELLER

HarbourVest Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

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 126 of 134
Sector (Communications) 11 of 11
Type (Add-on Acquisition) 53 of 58
State (Ohio) 2 of 2
Country (United States) 81 of 85
Year (2023) 4 of 6
Size (of disclosed) 35 of 40
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-07-05 Towne Park

Annapolis, Maryland, United States

Towne Park is a provider of contracted hospitality services and parking systems nationwide. Towne Park was founded in 1988 and is based in Annapolis, Maryland.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-10-30 Profi

Timisoara, Romania

Profi is a supermarket chain in Romania, operating 65 stores in 47 Romanian cities. Profi is the modern retail network with the largest geographical expansion in Romania. Profi was founded in 2000 and is based in Timisoara, Romania.

Sell €1.3B
SELLER

Bregal Sagemount

Investor Investor Investor Investor Investor

Category Growth Capital Firm
Founded 2012
PE ASSETS 1.7B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Bregal Sagemount is a growth-focused private capital firm. The Firm provides flexible capital and strategic assistance to market-leading companies in high-growth sectors across a wide variety of transaction situations. Bregal Sagemount invests $8 to $150 million per transaction in a variety of sectors including software, digital infrastructure, healthcare IT, healthcare services, business and consumer services, financial technology, and specialty finance. Bregal Sagemount was formed in 2012 and is headquartered in New York City.

DEAL STATS #
Overall 35 of 37
Sector (Communications) 2 of 2
Type (Add-on Acquisition) 15 of 16
State (Ohio) 3 of 3
Country (United States) 32 of 34
Year (2023) 2 of 2
Size (of disclosed) 2 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-09-12 Bradford

Houston, Texas, United States

Bradford focuses on airport logistics within the global aviation industry. The company's turnkey services include technology, security, supply chain management, and consultancy. It currently operates twenty-two airport contracts in the U.S. and a joint venture at London Heathrow in the UK for the operations of CRDCs. Bradford was formed in 2000 and is based in Houston, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-01-01 Sparkle Express

Martinez, Georgia, United States

Sparkle Express is a provider of car wash services. Sparkle Express was founded in 1987 and is based in Martinez, Georgia.

Buy -
SELLER

GCM Grosvenor

Chicago, Illinois, United States
Category Company
Founded 1971
Sector Financial Services
Employees538
Revenue 452M USD (2023)
DESCRIPTION

GCM Grosvenor is a large and diversified independent alternative asset management firm. The Company offers comprehensive public and private markets solutions and a broad suite of investment and advisory choices that span hedge funds, private equity, and various credit and specialty strategies. GCM Grosvenor specializes in developing customized investment programs tailored to each client’s specific investment goals. GCM Grosvenor was founded in 1971 and is based in Chicago, Illinois.

DEAL STATS #
Overall 1 of 1
Sector (Communications) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (Ohio) 1 of 1
Country (United States) 1 of 1
Year (2023) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-07-05 Hallcon

Chicago, Illinois, United States

Hallcon is a provider of mission-critical transportation services and infrastructure for a broad range of customers including railroads, universities, airports, hospitals and healthcare systems, public transit, technology, industrial companies, and other large employers seeking custom transportation solutions. Hallcon was founded in 1946 and is based in Chicago, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-11-26 MobilGrain

Regina, Saskatchewan, Canada

MobilGrain provides grain transfer/processing services, operates two railroads in Saskatchewan, and offers railroad-related maintenance services. MobilGrain is based in Regina, Saskatchewan.

Buy -
Mergr

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Legal