Grain Management LLC has agreed to acquire a majority stake in Summit Broadband, a fiber-optics telecommunications provider in Florida. The seller is Cable Bahamas Ltd. No financial terms were disclosed.
ORLANDO, Fla., Aug. 18, 2019 /PRNewswire/ — Grain Management, LLC (“Grain”), a leading Washington, D.C.-based private equity firm focused on the global communications sector, announced today that it has entered into a definitive agreement to acquire from Cable Bahamas Ltd. (“CBL Group”) a majority interest in Summit Vista, Inc., dba Summit Broadband (“Summit”), a fiber-optics telecommunications provider in Florida.
“Summit has an impressive history of serving businesses across multiple industries and residential customers in central and southwest Florida communities,” said David Grain, Founder and CEO of Grain Management. “As a global investor in the industry, Grain is poised to partner with Summit in advancing its position as a leading fiber-optic telecommunications provider, and aid in the expansion of these services in an increasingly smart and connected world.”
President and CEO of CBL Group, Franklyn Butler, said “CBL Group has undergone tremendous growth over the last six years and the performance of Summit has proved significant in contributing to these results. I wish to personally thank the management and staff at Summit for their contribution to CBL Group performance over the years and wish them well in this next exciting phase of their growth.”
The sale process was conducted by RBC Capital Markets through its Denver and New York based offices and is expected to close in the fourth quarter of 2019. The transaction is subject to usual and customary closing conditions and regulatory approvals. 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 Grain Management, LLC
Grain Management, LLC is a leading private equity firm 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.
About Summit Broadband
Summit Broadband is a leading fiber-optics 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 networks, 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.