Greenwoods Capital and Scorpion Capital have acquired the assets of Champion Broadband California, operator of broadband services in the Arcadia and Monrovia communities. RBC Daniels advised CBC on the deal.
PRESS RELEASE
CBC Broadband Holdings, LLC announced today it has completed the acquisition of the assets of Champion Broadband California. Champion Broadband operates video franchises in Arcadia and Monrovia. Details of the transaction were not disclosed.
“CBC is very excited about the acquisition of Champion Broadband,” said Ruben Garcia, CEO. “We are eager to work with the Champion Broadband team and strategic partners to revitalize the enterprise and create great value for our customers in Arcadia and Monrovia. We are excited to be working in two dynamic communities and look forward to serving them with exciting new products and services.” CBC obtained equity funding for this transaction from Greenwoods Capital and Scorpion Capital. RBC Daniels acted as financial advisor to Champion Broadband in the transaction.
“In March 2008, CBC signed a definitive agreement to purchase the California assets from Champion Broadband,” explained Garcia. “Together we formulated an agreement to fit everyone’s needs and worked to close the transaction in a very difficult economic environment. We’re now focused on transitioning the business into a standalone organization and we are expecting that it’s going to be a seamless process.”
Garcia also explained how the broadband environment will present great opportunities for CBC Broadband Holdings. “With increased demand in broadband, Champion Broadband is uniquely positioned to meet consumer demand with our advanced high-speed network. Champion will swiftly address the changing technologies and create value in all of our core products, and ensure operational excellence very rapidly.”
About Champion Broadband
Champion Broadband provides a full range of advanced broadband services, including advanced digital TV, video entertainment programming, high-speed Internet access, and home telephone. The company is dedicated to serving communities of Arcadia and Monrovia, CA. For more information on Champion Broadband, please visit www.championbroadband.com
About Greenwoods Capital
Greenwoods Capital Partners is a private equity firm founded in 2005 with a primary focus on providing equity and equity-related capital and strategic advice to small capitalization, emerging growth companies. The firm’s investment strategy focuses on companies in the retail, business services, and applied technologies sectors. For more information on Greenwoods Capital, please visit www.greenwoodscapital.com
About Scorpion Capital Partners LP
Scorpion Capital Partners is a private equity firm that continues the investment activities of Scorpion Holdings, Inc., which was formed in 1995. Scorpion seeks to partner with proven management teams to invest in middle market companies that are competitively positioned for strong future performance. For more information on Scorpion, please visit www.scorpioncap.com
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