BCI Broadband Announces Agreement To Purchase James Cable Assets And Closes Allegiance Acquisition
PURCHASE, N.Y., April 4, 2013 /PRNewswire/ -- BCI Broadband (BCI) has executed a definitive agreement to acquire all of the assets of James Cable in a transaction expected to close in mid-2013. BCI today completed the acquisition of the Allegiance cable systems located across the Midwestern states of Arkansas, Kansas, Texas and Oklahoma. The acquisition of the James Cable systems will add to BCI's existing footprint in Oklahoma and Texas and will expand its presence into Louisiana, Tennessee, Georgia, Wyoming and Colorado.
BCI Broadband is a next-generation broadband MSO formed by the executive management team from pioneering cable operator Bresnan Communications in partnership with BBH Capital Partners (BBHCP), a private equity fund sponsored by Brown Brothers Harriman & Co. Led by President and CEO Jeffrey S. DeMond and Andrew Kober, EVP and CFO, the James Cable acquisition is the company's second transaction in BCI's aggressive growth plan that was first announced through the acquisition of certain assets of Allegiance Communications and is expected to continue beyond the anticipated closing of the James Cable transaction later in 2013.
"BCI Broadband's management team has deep experience managing non-urban cable operations," said Jeff DeMond. "The acquisition of James Cable complements our initial acquisition of Allegiance perfectly and is an essential step in our business plan to build scale within a sensible non-urban footprint as we deliver industry leading products and services to markets that have strong, pent-up demand and room to expand share."
"James Cable has a long history of providing quality service to customers in rural markets across the country," said CEO Kate Adams. "We are proud of the company we have built and are excited about its future with BCI. Their track record of success gives us confidence that our employees, customers and communities will continue to benefit from enhancements in product and service offerings."
James Cable currently operates under the brand name Mediastream and is owned by GoldenTree Asset Management LP (GoldenTree), a New York-based asset manager with approximately $17 billion of assets under management. Waller Capital Partners served as the exclusive financial advisor to GoldenTree and James Cable on the transaction. Waller Capital also served as the exclusive financial advisor to Allegiance on its sale to BCI.
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About BCI Broadband: BCI is a broadband telecommunications company founded in 2012 by the senior management team from the pioneering cable operator, Bresnan Communications. For more than 25 years Bresnan Communications was considered among the most respected cable and broadband system operators of any size, with performance metrics that were consistently among the best in the industry. BCI was formed to continue that track record of success by providing the best services and features available, in non-urban markets, including very high-speed Internet, high-definition digital video and digital voice as well as a robust focus on the business community within its markets through its Business Services division.
About James Cable: James Cable is an American provider of cable TV, broadband Internet, and VOIP telephony services to rural markets in Georgia, Oklahoma, Texas, Louisiana, Tennessee, Wyoming and Colorado. The Company operates under the Mediastream brand name and its corporate headquarters are located in Braintree, Massachusetts. James Cable offers bundled services for residential customers and business services.
About BBH Capital Partners: BBH Capital Partners, a private equity fund sponsored by Brown Brothers Harriman & Co., provides friendly capital solutions to profitable, growth oriented middle market companies. BBHCP typically invests between $20 million and $75 million per platform investment, and has the flexibility to act as a control or non-control investor. BBHCP's capital is used to support a variety of transactions including management or leveraged buyouts, growth financings, recapitalizations (including dividend recapitalizations), buy and build strategies and acquisitions.
SOURCE BCI Broadband