ABRY Partners has agreed to acquire a majority stake in Grande Communications Inc., a San Marcos, Texas-based telecom provider. No financial terms were disclosed, although a March VentureWire report said that ABRY was trying to secure more than $125 million in debt financing through SunTrust Bank.
Grande has raised over $340 million in VC funding since 2000, from firms like BancBoston Capital, Kinetic Ventures, Atlas Venture, Whitney & Co., Centennial Ventures, HarbourVest Partners, South Atlantic Venture Funds, PNC Equity, TD Capital, Trinity Ventures, Lightspeed Venture Partners, Austin Ventures, CIBC, GE Equity, Alta Communications, Convergent Investors, Opus Capital, Norwest Equity Partners and Prime New Ventures. The ABRY deal is not expected to serve as an exit for the venture capitalists. www.grandecom.com