GTCR's Rural Broadband Lining Up NewWave Acquisition
February 15, 2013
GTCR Golder Rauner has agreed to acquire NewWave Communications, a broadband, video and voice service provider, from Pamlico Capital. The acquisition will be completed through GTCR's previously established partnership with Rural Broadband Investments, which acquires and invests in rural-focused cable systems in small-to-middle sized markets and rural geographies. NewWave services approximately 250,000 homes and over 90,000 customers in rural Illinois, Indiana, Missouri and Arkansas. This is the first in a series of acquisitions being pursued by RBI, which plans to acquire 300,000 to 400,000 cable subscribers for its platform. GTCR's investment in NewWave will be financed through its GTCR Fund X, a $3.25 billion private equity fund. SunTrust Robinson Humphrey and Goldman Sachs have committed to provide debt capital to support the transaction.