New Wave™ sold to Rural Broadband Investments LLC
An Overland Park, Kan. investment group is purchasing the assets of New Wave Communiations--which serves customers in the Pinckneyville, Du Quoin, Christopher and Benton area.
The announced purchase is expected to be completed by May 1 and comes approximately one year after New Wave acquired the assets of what was formerly Comcast.
The Du Quoin and Pinckneyville city councils on Monday night approved the transfer of municipal franchise agreements. The sale is not expected to appreciably change service or offerings. New Wave has been working very hard through outside sales people to land new service agreements with customers in their markets in recent weeks.
Rural Broadband Investments LLC is a newly formed company focused on acquiring broadband infrastructure assets to deliver state of the art communication services, including cable television, telecom and broadband services to residential and business consumers in small and mid-sized communities (population centers of 25,000-250,000 residents).
The company was formed though a partnership with GTCR, a private equity firm that since inception has invested more than $10 billion in equity and mezzanine capital in over 200 companies.
RBI will invest its available capital in equity for acquisitions and capital upgrades in the retail broadband and communications space.
Rural Broadband Investments openly states that "through acquisitions it wants to create a regionally clustered 250,000 plus subscriber, broadband focused company generating in excess of $100 million of profit per year. Once the target companies are acquired, RBI will provide the necessary capital and expertise to improve the broadband delivery infrastructure to provide market leading internet services, cable television, telephone and world class customer care.
RBI's partners are former senior executives with Everest Connections, SureWest Communications and Windjammer Communications. Combined they have over 60 years experience in providing communication services to residential and business consumers.