NewWave Finds a Buyer
CHICAGO -- GTCR, a leading private equity firm, today announced it has entered into a definitive agreement to acquire NewWave Communications (“NewWave”) from Pamlico Capital. This acquisition will be completed through GTCR’s previously established partnership with Rural Broadband Investments (“RBI”). With RBI’s extensive cable experience, NewWave will continue to provide state of the art high-speed broadband, video and voice services to its cable footprint. .GTCR and Mr. Spencer formed RBI in 2012 with the purpose of acquiring broadband infrastructure assets in small and mid-sized communities. NewWave is the 22nd largest MSO in the country passing approximately 250,000 homes and serving over 90,000 customers in rural Illinois, Indiana, Missouri and Arkansas. This is the first in a series of acquisitions being pursued by RBI, which plans to acquire 300,000-400,000 cable subscribers in small-to-mid sized rural markets to deliver a breadth of services to residential and commercial customers. “The acquisition of NewWave Communications is a great first step and provides us with an excellent platform to build upon,” said Phil Spencer, CEO of Rural Broadband Investments. “NewWave has done an outstanding job upgrading its network, moving to DOCSIS 3.0 and constructing fiber to tie their markets together. These efforts give us an outstanding platform to roll out enhanced video, voice and high-speed internet services as well as advanced commercial services. In addition, NewWave has an outstanding employee base and we plan to continue to build on the great work they have done over the last several years.” NewWave Technologies Inc.