WaveDivision Capital Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, WaveDivision Capital has acquired 1 company.

WaveDivision Capital’s most common sector for investment is communications (100%). The Firm’s most common investment types include divestiture (50%) and secondary buyout (50%). In total, WaveDivision Capital has invested in 2 US states. Its largest (disclosed) acquisition occurred in 2019 when it acquired Frontier Communications - Associated Assets and Operations for $1.4B.

In the last 3 years, WaveDivision Capital has exited 1 company. The Firm’s most common exit type is trade sale (100%). WaveDivision Capital’s largest (disclosed) exit occurred in 2021 when it sold Hargray Communications Group for $2.2B.

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M&A Summary

  • M&A Total Activity3
    • M&A Buy Activity2
    • M&A Sell Activity1
  • Total Sectors Invested 1
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 2
  • M&A Advisors 4

WaveDivision Capital

135 Lake Street South, Suite 1000,
Kirkland, Washington 98033
United States
www.wavedc.com

WaveDivision Capital is a private investment firm focused on the broadband industry. WaveDivision Capital was formed in 2003 and is headquartered in Kirkland, Washington.


Investment Criteria

Sectors of Interest: Communications

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Secondary Buyout

Geographic Preferences: East US, Midwest US, South US, West US, Canada

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size - -
Enterprise Value - -

M&A Summary

Buy vs Sell

Year ≤ '16 '17 '18 '19 '20 '21 T
Buy (0.2/yr) # 1 - - 1 - - 2
vol $1.4B $1.4B
Sell (0.2/yr) # - - - - - 1 1
vol $2.2B $2.2B
  3

Most Recent M&A

Company Date Value Type
Hargray Communications Group, Inc. 2021-02-15 2.2B USD Add-on Acquisition
Hilton Head, South Carolina · www.hargray.com
Frontier Communications Corp. - Associated Assets and Operations 2019-05-29 1.4B USD Divestiture
Norwalk, Connecticut
Hargray Communications Group, Inc. 2015-01-01 - Secondary Buyout
Hilton Head, South Carolina · www.hargray.com
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Communications 1 (100%) 1.4B (100%) 2 (100%) 1.4B (100%)
Total 1 $1.4B 2 $1.4B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 1 (100%) 1.4B (100%) 2 (100%) 1.4B (100%)
  Connecticut 1 (100%) 1.4B (100%) 1 (50%) 1.4B (100%)
  South Carolina - - 1 (50%) -
Total 1 $1.4B 2 $1.4B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Divestiture 1 (100%) 1.4B (100%) 1 (50%) 1.4B (100%)
Secondary Buyout - - 1 (50%) -
Total 1 $1.4B 2 $1.4B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 1 (100%) 2.2B (100%)
Total 1 $2.2B

Top M&A Advisors

Financial Deals
Credit Suisse Investment Banking
1
Bank of America Merrill Lynch (BofA Securities)
1
Deutsche Bank Corporate & Investment Banking
1
Legal Deals
Paul, Weiss, Rifkind, Wharton & Garrison LLP
1

Deal Values

buy # Total
> $1B 1 $1.4B
TOTAL $1.4B
Largest Frontier Communications Corp. - Associated Assets and Operations
$1.4B (2019-05-29)
sell # Total
> $1B 1 $2.2B
TOTAL $2.2B
Largest Hargray Communications Group, Inc.
$2.2B (2021-02-15)

M&A Connections

Deals
Acquired from
Investor(s)
50%
1 (50%)
Strategic(s)
50%
1 (50%)
Exited to
Strategic(s)
100%
1 (100%)

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