M&A Deal Summary

Windstream Acquires NuVox Communications

On November 3, 2009, Windstream acquired communications company NuVox Communications from Pamlico Capital, Meritage Funds, Quadrangle Group, Cyprium Partners, M/C Partners, CCMP Capital, Ridgemont Equity Partners, Goldman Sachs Merchant Banking and KKR for 643M USD

Acquisition Highlights
  • This is Windstream’s 4th transaction in the Communications sector.
  • This is Windstream’s 5th largest (disclosed) transaction.
  • This is Windstream’s 4th transaction in the United States.
  • This is Windstream’s 1st transaction in South Carolina.

M&A Deal Summary

Date 2009-11-03
Target NuVox Communications
Sector Communications
Buyer(s) Windstream
Sellers(s) Pamlico Capital
Meritage Funds
Quadrangle Group
Cyprium Partners
M/C Partners
CCMP Capital
Ridgemont Equity Partners
Goldman Sachs Merchant Banking
KKR
Deal Type Add-on Acquisition
Deal Value 643M USD
Advisor(s) Deutsche Bank Corporate & Investment Banking
Wells Fargo Securities (Financial)
Cravath, Swaine & Moore (Legal)

Target

NuVox Communications

Greenville, South Carolina, United States
website
NuVox Communications, Inc. is an integrated communications provider. NuVox is a competitive local exchange carrier (CLEC) offering comprehensive voice and data communications products and services to customers. NuVox delivers services via its industry MPLS-based wide area private IP network.

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Buyer(S) 1

Buyer

Windstream

Little Rock, Arkansas, United States

website


Category Company
Founded 2006
Sector Communications
Employees11,080
Revenue 5.1B USD (2019)
DESCRIPTION
Windstream office in downtown Greenville, South Carolina.
Windstream office in downtown Greenville, South Carolina.

Windstream is a provider of advanced network communications, including cloud computing and managed services, to businesses nationwide. The company also offers broadband, phone and digital TV services to consumers primarily in rural areas. Windstream was founded in 2006 and is based in Little Rock, Arkansas.


DEAL STATS #
Overall 4 of 14
Sector (Communications) 4 of 13
Type (Add-on Acquisition) 4 of 13
State (South Carolina) 1 of 1
Country (United States) 4 of 14
Year (2009) 1 of 3
Size (of disclosed) 5 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-08-31 CT Communications

Concord, North Carolina, United States

CT Communications, Inc., headquartered in Concord, N.C., is a provider of integrated telecommunications and related services to residential and business customers located primarily in North Carolina. CTC offers a range of telecommunications services, including broadband high-speed Internet services, local and long-distance telephone services, and digital wireless voice and data services.

Buy $585M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-11-10 D&E Communications

Ephrata, Pennsylvania, United States

D&E operates as a competitive local exchange carrier (CLEC) in Altoona, Harrisburg, Lancaster, Pottstown, Reading, State College and Williamsport and serves approximately 47,000 lines.

Buy $330M

Seller(S) 9

SELLER

Pamlico Capital

Charlotte, North Carolina, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1988
PE ASSETS 3.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Pamlico Capital is a private equity group focused on mid-sized transactions. Pamlico looks to invest $25 to $125 million per transaction. Sectors of interest include business and technology services, consumer products/services, industrial, energy, financial services, healthcare, media, and communications. Pamlico will consider both minority and majority positions. Prospective transactions include management or leveraged buyouts, recapitalizations, growth financings, mezzanine, and special situations. Pamlico was formerly known as Wachovia Capital Partners. The Firm was originally formed in 1988 and is based in Charlotte, North Carolina.


DEAL STATS #
Overall 17 of 61
Sector (Communications) 2 of 8
Type (Add-on Acquisition) 8 of 32
State (South Carolina) 1 of 1
Country (United States) 17 of 59
Year (2009) 2 of 2
Size (of disclosed) 4 of 14
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-08-31 Hosting.com

Denver, Colorado, United States

Hosting.com is a datacenter operator and provider of cloud hosting and recovery services. Hosting delivers next generation cloud hosting and recovery services to ensure customer’s mission critical applications are always on.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-03-25 American Renal Associates

Beverly, Massachusetts, United States

American Renal Associates is a developer, owner and operator of outpatient kidney dialysis facilities in partnership with nephrologists. American Renal Associates was founded in 1999 and is based in Beverly, Massachusetts.

Sell -
SELLER

Meritage Funds

Arvada, Colorado, United States

Investor Investor Investor Investor

website


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 7 of 13
Sector (Communications) 6 of 8
Type (Add-on Acquisition) 4 of 7
State (South Carolina) 1 of 1
Country (United States) 5 of 11
Year (2009) 1 of 1
Size (of disclosed) 3 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-04-21 NewPath Networks

Seattle, Washington, United States

NewPath Networks is a wireless infrastructure company that designs, develops and operates fiber-fed wireless carrier networks using a distributed antenna architecture to improve signal strength and network capacity.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-03-15 Access Media 3

Oakbrook, Illinois, United States

Access Media 3, Inc. provides triple-play video, high-speed internet, and voice services to residential customers in multiple dwelling unit developments. Access Media 3 was established in 2006 and is based in Oakbrook, Illinois.

Buy -
SELLER

Quadrangle Group

New York, New York, United States

Investor Investor

website


Category Private Equity Firm
Founded 2000
PE ASSETS 3.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Quadrangle Group is a specialist private equity firm focused on the information and communications technology services sectors. Quadrangle was formed in 2000 and is based in New York City.


DEAL STATS #
Overall 11 of 20
Sector (Communications) 4 of 7
Type (Add-on Acquisition) 4 of 8
State (South Carolina) 1 of 2
Country (United States) 10 of 16
Year (2009) 2 of 2
Size (of disclosed) 8 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-07-17 Alpha Media Group

New York, New York, United States

Alpha Media Group Inc. is a multimedia company and publisher of MAXIM, the largest young men’s lifestyle brand in America, which reaches nearly 9 million readers each month. MAXIM Digital reaches more than 4 million unique viewers each month. MAXIM magazine publishes 16 editions, sold in 75 countries worldwide.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-02-03 TowerVision India Pvt.

Gurgaon, India

TowerVision India Pvt. Ltd. is an independent tower company specializing in the provision of passive infrastructure to the wireless communications industry in India. Tower Vision has a portfolio of approximately 4,500 towers and intends to build out an additional 3,500 towers by mid-2011. TowerVision India was founded in 2006 and is based in Gurgaon, India.

Buy -
SELLER

Cyprium Partners

Cleveland, Ohio, United States

Investor Investor Investor Investor Investor

website


Category Mezzanine Finance Firm
Founded 1998
PE ASSETS 1.8B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Cyprium Partners is a private investment firm that provides mezzanine and equity capital to profitable, middle-market companies. The Firm will consider both non-control and control positions in businesses with revenue of $50 to $300 million and at least $8 million of EBITDA. Sectors of interest include traditional industries such as manufacturing, distribution, and services. Cyprium avoids investments in financial services, real estate, energy, commodities, natural resources, restaurants, long-term care and healthcare companies. Cyprium was formerly known as Key Principal Partners. The Firm has offices in Cleveland, Ohio and New York City.


DEAL STATS #
Overall 8 of 28
Sector (Communications) 2 of 2
Type (Add-on Acquisition) 3 of 11
State (South Carolina) 1 of 2
Country (United States) 8 of 27
Year (2009) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-11-07 Xaloy

New Castle, Pennsylvania, United States

Xaloy is the manufacturer of plastification units and components. These components are used in plastic injection molding and extrusion processing machinery sold to original equipment manufacturers and in the aftermarket to plastic processors.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-01-01 Hobbico

Champaign, Illinois, United States

Hobbico is a manufacturer and distributor of radio-controlled (R/C) models and other general hobby products. The Company carries more than 52,000 SKUs, which consist of R/C airplanes, cars, boats, radio systems, accessories, and software. Hobbico was founded in 1971 and is based in Champaign, Illinois.

Buy -
SELLER

M/C Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website


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 10 of 31
Sector (Communications) 9 of 20
Type (Add-on Acquisition) 5 of 16
State (South Carolina) 1 of 1
Country (United States) 10 of 26
Year (2009) 1 of 1
Size (of disclosed) 6 of 15
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-09-22 Public Mobile

Toronto, Ontario, Canada

Public Mobile, Inc. is a provider of unlimited talk, text and data services to value conscious customers in Ontario and Quebec.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-06-01 Fusepoint

Mississauga, Ontario, Canada

Fusepoint, Inc. is an independent provider of managed IT and colocation services to enterprises in Canada. Fusepoint offers services that allow customers to outsource their mission-critical IT infrastructure and application requirements.

Sell $125M
SELLER

CCMP Capital

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1984
PE ASSETS 18.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

CCMP Capital is a large private equity firm focused on buyout and growth equity valued up to $2 billion. Sectors of interest include consumer, retail, and services (specialty retail, direct marketing, consumer packaged goods); media/telecom (consumer and trade publishing, content and programming, broadcasting, cable, wireless and wire line communications ); industrial (chemicals, manufacturing, distribution, automotive); energy (exploration and production, power generation, renewable energy, services); and healthcare (services, pharmaceuticals, medical devices). The Firm's target investment size is $100 to $500 million. CCMP Capital Advisors was formed in 1984 and was spun off in 2006 from JP Morgan Chase. The Firm is based in New York City.


DEAL STATS #
Overall 44 of 78
Sector (Communications) 3 of 5
Type (Add-on Acquisition) 13 of 22
State (South Carolina) 1 of 1
Country (United States) 34 of 61
Year (2009) 4 of 7
Size (of disclosed) 21 of 30
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-10-14 Vitamin Shoppe

Secaucus, New Jersey, United States

Vitamin Shoppe, Inc. is a specialty retailer and direct marketer of vitamins, minerals and nutritional supplements, offering a broad line of products at discounts to list prices. Vitamin Shoppe, Inc. was founded in 1977 and is based in Secaucus, New Jersey.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-11-13 Ascend Media

Lee’s Summit, Missouri, United States

Ascend Media is a custom media company. Ascend’s portfolio of clients and their communication objectives are diverse and reflect a broad array of American commerce. Ascend Integrated Media is uniquely positioned to work with companies to develop and produce brand enhancing communications products. The company's highly skilled team of media professionals engages on behalf of the client to create and manage print and digital content associated with marketing, branding and social media initiatives. Ascend Media was founded in 1982 and is based in Lee’s Summit, Missouri.

Sell -
SELLER

Ridgemont Equity Partners

Charlotte, North Carolina, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1993
PE ASSETS 6.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Ridgemont Equity Partners is an independent private equity firm specializing in middle-market buy-outs, corporate divestitures, recapitalizations and growth capital investments. The Firm targets to invest in companies located in North America, preferably in US and Canada. REP looks to invest up to $250 million in companies with EBIDTA of $5 - $50 million. The Firm seeks to hold both majority and minority equity interest in portfolio companies. Specific areas of interest include basin industries and services, energy, healthcare, telecommunications, media and technology. Ridgemont Equity Partners is a spun-off of Banc of America Capital Investors (BACI). Ridgemont Equity Partners was formed in August 2010 and is based in Charlotte, North Carolina.


DEAL STATS #
Overall 41 of 90
Sector (Communications) 4 of 8
Type (Add-on Acquisition) 20 of 35
State (South Carolina) 2 of 3
Country (United States) 34 of 79
Year (2009) 3 of 3
Size (of disclosed) 13 of 23
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-07-05 Paris Re Holdings

Zug, Switzerland

Paris Re Holdings Ltd. is a property and casualty reinsurer with a global market presence.

Sell $2.0B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-01-21 Atrium

Dallas, Texas, United States

Atrium Corp. is a nationally-recognized provider of high quality windows and doors to the new construction and repair and remodel markets. The company operates a nationwide network of manufacturing facilities and sells a comprehensive line of products in all 50 states and Canada.

Sell -
SELLER

Goldman Sachs Merchant Banking

New York, New York, United States

website


Category Private Equity Firm
Founded 1986
PE ASSETS 155.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Goldman Sachs Merchant Banking Division is the investment arm of Goldman Sachs. The primary corporate investment group within the Merchant Banking Division is Goldman Sachs' direct investment arm. GS's direct investment arm consists of GS Capital Partners, GS Mezzanine Partners, and GS Growth Partners. GS Capital Partners is the direct corporate equity investment group which seeks LBO, recapitalization, and growth investments to help fund acquisitions, expansions, recapitalizations, restructurings, buyouts, and take privates. GS Capital Partners looks to invest between $50 and $800 million in opportunities in North/South America, Europe, Asia. GS Mezzanine Partners is the junior capital arm of Goldman Sachs. GS Mezzanine looks to invest between $200 million and and $800 million in transactions valued up to $10 billion. Investment proceeds are used to fund leveraged buyouts, expansion financings, recapitalizations, acquisitions, and restructurings. GS Growth looks to invest in growth equity transactions. The unit seeks to commit $20 to $200 million per investment. Other units within GS's merchant banking division include Real Estate, Infrastructure, and Urban Investments. Goldman Sachs Merchant Banking Division is based in New York City.


DEAL STATS #
Overall 21 of 108
Sector (Communications) 6 of 8
Type (Add-on Acquisition) 4 of 36
State (South Carolina) 1 of 1
Country (United States) 14 of 77
Year (2009) 4 of 6
Size (of disclosed) 23 of 31
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-10-27 Capmark Financial Group

Horsham, Pennsylvania, United States

Capmark Financial Group, Inc. is a commercial real estate finance company with investments and funds management and asset management businesses.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-11-13 Dollar General

Goodlettsville, Tennessee, United States

Dollar General is a discount retailer offering a variety of apparels, household, cleaning, health, beauty and baby products. Dollar General was incorporated in 1939 and is headquartered in Goodlettsville, Tennessee.

Sell -
SELLER

KKR

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1976
PE ASSETS 510.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
KKR's office in Menlo Park, California.
KKR's office in Menlo Park, California.

KKR is a global investment firm founded by Jerome Kohlberg, Henry Kravis, and George Roberts. The Firm is separated into several business segments including private markets, public markets, capital markets, and other principal activities. KKR's private equity practice invests in management buyouts, take privates, corporate divestitures, industry consolidations, and partnerships with family-owned companies. KKR will invest in a broad range of industries and companies and will consider businesses throughout North America, Europe, Asia, and Australia/New Zealand. Sectors of interest include chemicals, consumer products, energy and natural resources, financial services, healthcare, industrial, media/communications, retail, and technology. In addition to its traditional principal investment activity business, KKR also invests in infrastructure assets. KKR was formed in 1976 and is based in New York, New York.


DEAL STATS #
Overall 29 of 173
Sector (Communications) 1 of 6
Type (Add-on Acquisition) 7 of 61
State (South Carolina) 1 of 1
Country (United States) 18 of 81
Year (2009) 4 of 5
Size (of disclosed) 32 of 38
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-10-27 Capmark Financial Group

Horsham, Pennsylvania, United States

Capmark Financial Group, Inc. is a commercial real estate finance company with investments and funds management and asset management businesses.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-11-08 TASC

Chantilly, Virginia, United States

TASC is a provider of advanced systems engineering, integration and decision-support services to the intelligence, defense, homeland security and civilian-federal agencies.

Buy $1.7B