Birch Communications Announces Acquisition of Cleartel Communications' Customer and Network Assets
7th acquisition adds 100,000 access lines & all-digital network in
"Acquiring the Cleartel assets further advances Birch's corporate strategy to strengthen and expand our business, as well as our IP-based voice and data network, via tuck-in, synergistic acquisitions," said
"Through each acquisition, Birch has proven its ability to seamlessly integrate acquired customers and network into its current business. As a result, we have been able to enhance the service experience and product offerings for acquired customers while creating significant additional positive cash flow for the company," said
Throughout its 13 year history, Birch has built an unparalleled reputation for delivering great service to small and medium sized businesses with a very strong commitment to customer satisfaction. "We're very excited to welcome the Cleartel customers into our Birch family knowing that they will immediately benefit from our dedication to providing award-winning, superior customer care," said
This acquisition significantly strengthens and accelerates Birch's market position as one of the largest competitive communications companies in
Terms of the transaction were not disclosed. The transaction is expected to close in the third quarter of 2009 and is subject to, among other conditions, receipt of approvals of the FCC and 22 applicable state regulatory authorities as well as other customary conditions precedent. Redwood Capital Group acted as exclusive financial advisor to Birch in connection with the transaction.
Cleartel is majority owned and controlled by MCG Capital Corporation (Nasdaq: MCGC), a solutions-focused commercial finance company providing capital and advisory services to middle-market companies throughout
About Birch Communications
About Cleartel Communications
Cleartel Communications, Inc., is a leading integrated telecommunications provider offering a diverse menu of voice, data, and Internet services, as well as other customized services and solutions to both consumer and business accounts in over 20 states. Cleartel services southeast
About Redwood Capital Group
Redwood Capital Group is an investment banking firm serving the technology, communications and media & business services industries. The firm focuses on mergers & acquisitions, debt and equity financings and financial advisory services for its clients worldwide. Please visit www.redcapgroup.com for more information.
About Bank Street
Bank Street is an independent investment banking firm providing a comprehensive array of financial advisory services to middle-market companies. With a portfolio of capabilities that includes Financial Advisory, Mergers & Acquisitions, Private Placements of Debt & Equity, Restructuring and Turnaround Advisory, Valuation and Fairness Opinions, Bank Street offers one-stop shopping for our clients seeking sophisticated financial services. Please visit www.bankstreet.com for more information.
SOURCE Birch Communications