Boston Ventures has agreed to sell Vista III Media, an Atlanta-based regional provider of cable television, high-speed Internet and telephony services, to Harron Communications LP, a Frazer, Penn.-based multi-system cable and communications services company doing business as MetroCast Communications. No financial terms were disclosed. Boston Ventures also is an investor in Harron.
Boston Ventures, a leading middle market private equity firm that invests in the media and communications sectors, today announced that it has reached a definitive agreement to sell Vista III Media, a regional provider of cable television, high speed internet and telephone service, to Harron Communications, LP, a multi-system cable and communications services operator doing business as “MetroCast Communications.
Boston Ventures and cable veteran Neil McHugh founded Vista III Media in 2002 to consolidate underdeveloped cable systems in secondary and tertiary markets. Through a series of five acquisitions, Vista III Media consolidated approximately 33,000 cable subscribers located in northern Mississippi and western Alabama. Based in Atlanta, Vista provides a broad range of communications services including cable TV, high-speed internet as well as residential and commercial telephony. Headquartered in Frazer, PA, Harron has been an active acquirer of cable systems and currently serves over 135 communities in the states of New Hampshire, Pennsylvania, Maryland, Virginia, Connecticut and Maine. Boston Ventures is also an investor in Harron Communications.
Louis Bertocci, a Partner of Boston Ventures, said, “The Vista team has done a great job in building a regional system capable of providing its customers with the most technologically advanced services available today. We have been active investors in the cable sector for many years and are pleased to announce the sale of Vista III Media to Harron. Vista's cable system represents a good strategic acquisition for Harron as they seek to leverage their infrastructure and develop an even more sizable presence in the state of Mississippi.”
“The acquisition of Vista represents a unique opportunity to acquire a growing regional provider of cable television, high speed internet and telephone service,” said Joel C. Cohen, Chairman and Chief Executive Operator of Harron. “As a result, we are able to quickly establish a sizable foothold in a new market. The North Mississippi area has good demographics and above average home growth and we expect to continue to look for additional acquisition opportunities within the region.”
Neil McHugh, CEO of Vista III, said, “Since creating Vista in 2002 with Boston Ventures we have made significant investments enabling us to offer a full suite of advanced communication services to the communities we serve. Our success could not have been achieved without the tremendous support of the Boston Ventures team, with whom I have had a long standing relationship.”
The transaction is expected to be completed before year end.
About Boston Ventures
Boston Ventures is one of the oldest and most experienced media and communications focused private equity firms in North America. Since its founding in 1983, the firm has invested nearly $2.5 billion in over 70 companies, actively targeting investments in the media, information and publishing, entertainment, and communications industries. For more information, please visit www.bostonventures.com.
About Harron Communications
Harron Communications is a multi-service broadband communications and entertainment company currently serving approximately 145,000 residential and commercial subscribers. Harron Communications currently offers advanced digital video and high-speed Internet services in 6 states under the brand name “MetroCast Communications”, and has recently started to roll out telephony services in those states. Harron Communications is headquartered in Frazer, PA, and is owned by the Harron Family and the private equity firm Boston Ventures. For more information, please visit www.harron.com.
8:31 AM 10/30/2007