Grain Management LLC has acquired Summit Broadband from CBL Group. No financial terms were disclosed. TD Securities was financial adviser to Grain on the deal. Florida-based Summit Broadband is a fiber-optic telecommunications provider.
ORLANDO, Fla., January 22, 2020 – Grain Management, LLC (“Grain”), a leading Washington, D.C.-based investor focused on the global communications sector, announced today that it has completed the acquisition of a majority interest in Summit Vista, Inc., dba Summit Broadband (“Summit”), from Cable Bahamas Ltd. (“CBL Group”). Terms of the deal, originally announced on August 19, 2019, were not disclosed.
Summit Broadband is a fiber-optic telecommunications provider that serves business and residential customers in central and southwest Florida. Its products include voice, video, data and high-speed internet services, as well as Ethernet and dark-fiber transport.
TD Securities served as financial advisor to Grain in the transaction, Alston & Bird LLP served as legal counsel, and the Direct Lending team at Deutsche Bank provided committed debt financing for the transaction.
About Summit Broadband
Summit Broadband is a leading fiber-optic telecommunications provider in Central and Southwest Florida. The company provides voice, video, data and high-speed internet services to residential and commercial customers, as well as Ethernet and dark-fiber transport to enterprise and carrier customers. Providing a superior customer service experience since 1994, Summit Broadband owns and operates its own fiber-optic network, with a reach of more than 1,800 fiber route miles, serving multiple industries and communities throughout its territory. For more information visit summit-broadband.com.
About Grain Management, LLC
Grain Management, LLC is a leading investor focused on investments in the global communications sector. The firm was founded in 2007 with the objective of bringing a differentiated approach to the industry characterized by expansive sector knowledge, rigorous analytics, and dedicated, in-house operating and financial professionals. Grain is directed by a team of highly experienced investment professionals with deep industry knowledge and a specialized skill set, marked by extensive operating history, quantitative and analytical proficiency, and regulatory expertise. For more information visit graingp.com.