Birch Acquires U.S. CLEC Assets of Cordia Communications
Twelfth Asset Acquisition in the Last Five Years
ATLANTA, July 19, 2011 /PRNewswire/ -- Birch Communications, a leading IP-based telecommunications and managed services provider for small- and medium-sized businesses, announced today that it has signed a definitive agreement to acquire the U.S. CLEC assets of Cordia Communications Corp., My Tel Co, Inc. and Northstar Telecom Inc. ("Cordia"), a competitive local exchange carriers based in Orlando, Fla. Included in the acquisition are approximately 55,000 business, residential and broadband access lines across 24 states.
"Acquiring the Cordia assets further advances Birch's corporate strategy to strengthen and expand our business via 'tuck-in' synergistic acquisitions," said Vincent M. Oddo, Birch president and CEO. "This is our 12th strategic acquisition during the past five years and each one has significantly increased customer density in our 38 state service footprint. As a result of this asset acquisition, Birch will be adding up to 50 jobs in our Macon, Georgia and Emporia, Kansas Operations Centers. The majority of these jobs were previously located outside the United States."
Throughout its 15-year history, Birch has built an unparalleled reputation for delivering great service to business and residential customers with a very strong commitment to customer satisfaction. "We are looking forward to welcoming Cordia customers into our Birch family knowing that they will immediately benefit from our dedication to providing award-winning, superior customer care," said Christopher Aversano, Birch COO.
The transaction is expected to close in the early fourth quarter of 2011 and is subject to, among other conditions, receipt of approvals of the FCC, applicable state regulatory authorities, and other customary conditions.
About Birch Communications
Headquartered in Atlanta, Ga., Birch Communications provides managed communications and information technology services to a target market of small- and medium-sized businesses in select metropolitan areas within 38 states across the United States. Birch services include local and long distance voice, broadband Internet access, T1, PRI, bonded T1, integrated PRI, mobile voice and data, e-mail, web-hosting, voicemail, prepaid, and many other communications and information technology services. Birch voice and data services are, in most cases, delivered using Voice over Internet Protocol (VoIP) technology on the company's secure IP-Network rather than over the public Internet.
According to Inc. 500|5000 magazine in its 2004, 2009 and 2010 rankings, Birch was one of the fastest-growing private companies in the United States. In 2010, Birch was also named the 7th fastest growing private business in Atlanta, and one of the Top 100 Private Companies in Atlanta, by the Atlanta Business Chronicle. Please visit www.birch.com for more information.
About Cordia Communications
Cordia Corporation, through its U.S. operating subsidiaries, Cordia Communications Corp., My Tel Co, Inc., and Northstar Telecom, Inc. provide business, residential, and wholesale services such as local, long distance, toll-free and DSL via its multi-year, multi-state interconnection and commercial services agreements with Verizon, and Qwest. Source Capital Group, Inc. served as exclusive financial advisor to Cordia in connection with this transaction.
About Source Capital
Source Capital Group, Inc. (SCG) was founded in 1992 by a management team with extensive financial industry experience at firms such as Bankers Trust, Chemical Bank, and Smith Barney. The firm began as a boutique investment bank specializing in small to medium-sized transactions and continues to focus investment banking activities in those segments of the market, with expertise in the communications, green energy and clean technology verticals. The firm has grown to include businesses in general securities, emerging market securities, distressed and high yield debt securities, investment management, mortgages, project finance, and business lending. SCG is based in Westport, CT and has 140 professionals in several offices across the United States.
SOURCE Birch Communications
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