GTCR has teamed up with Phil Spencer and Rod Siemers to form Mega Broadband Investments. No financial terms were disclosed. Based in Leawood, Kansas, Mega Broadband Investments will focus on acquiring broadband assets.
CHICAGO, Oct. 2, 2017 /PRNewswire/ — GTCR, a leading private equity firm, today announced that it has entered into a second partnership with Phil Spencer and Rod Siemers to form Mega Broadband Investments LLC (“Mega Broadband Investments”). The new company, headquartered in Leawood, KS, will focus on acquiring broadband assets as part of a strategy to build a market-leading company in the space. GTCR, the firm that pioneered The Leaders Strategy™ – finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through transformational acquisitions and organic growth – will invest in Mega Broadband Investments alongside substantial investments from Mr. Spencer and Mr. Siemers.
Mega Broadband Investments is the second partnership between GTCR and Phil Spencer and Rod Siemers and another notable example of the GTCR Leaders StrategyTM at work. Previously, Mr. Spencer was Chief Executive Officer and Mr. Siemers was Chief Financial Officer of Rural Broadband Investments LLC (“RBI”), a GTCR-funded rural cable provider which was acquired in May 2017 by Cable One, Inc. (NYSE: CABO). Through organic growth initiatives and five transactions, RBI became a scaled cable provider with attractive financial and operational results.
Prior to his role at RBI, Mr. Spencer was the CEO of Windjammer Communications. From 2001-2008, he served in leadership positions at Everest Connections, a Kansas City cable system. Mr. Spencer was CEO of Everest during its ownership under Aquila, Inc. and subsequently under Seaport Capital until the business was sold to SureWest in 2008.
Mr. Spencer’s leadership team includes long-time colleague, Rod Siemers as CFO. Prior to RBI, Mr. Siemers worked with Mr. Spencer at Windjammer Communications and Everest Connections as CFO of both companies.
“We are very excited to once again partner with Phil and Rod,” said GTCR Managing Director Phil Canfield. “As a result of our prior partnership with them, we have tremendous respect for their strategic vision and operational abilities. Their command and knowledge of the cable industry make them ideal partners as GTCR commits to another platform in the broadband industry.”
“I am thrilled about the opportunity to work with GTCR for a second time,” said Mr. Spencer. “GTCR was an ideal partner to RBI, providing exceptional leadership during company formation, enabling growth and helping to successfully execute our strategy. I look forward to this next partnership with GTCR to build Mega Broadband Investments into a leading broadband provider.”
“GTCR has deep sector expertise in the broadband industry,” added Stephen Jeschke, Principal at GTCR. “Drawing on our track record and continued focus in the sector, we believe there are a number of compelling industry trends that we are excited to focus on with Phil and Rod. We are actively looking for acquisitions and our partnership provides us a unique position to evaluate and pursue a wide range of assets.”
Founded in 1980, GTCR is a leading private equity firm focused on investing in growth companies in the Financial Services & Technology, Healthcare, Technology, Media & Telecommunications and Growth Business Services industries. The Chicago-based firm pioneered The Leaders Strategy™ – finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through transformational acquisitions and organic growth. Since its inception, GTCR has invested more than $14 billion in over 200 companies. For more information, please visit www.gtcr.com.
About Mega Broadband Investments
Mega Broadband Investments was formed in October 2017 as a partnership between Phil Spencer and Rod Siemers and GTCR. Mega Broadband Investments’ mission is to build a leading broadband provider delivering high speed data, video and voice services to residential and commercial customers. For more information about Mega Broadband Investments, please contact (312) 953-3305.