BCI Broadband Closes James Cable Acquisition
PURCHASE, N.Y., July 8, 2013 /PRNewswire/ — BCI Broadband (BCI) today completed the acquisition of James Cable, whose systems complement BCI’s existing footprint in both Oklahoma and Texas. The transaction will increase BCI’s homes passed to 300,000 and expand the company’s presence into Louisiana, Tennessee, Georgia and Wyoming.
In addition, cable industry pioneer Alan Gerry will join BCI’s Advisory Board coincident with the acquisition. This will mark Mr. Gerry’s first direct involvement in a cable operator since the sale of what was then the 8(th) largest MSO, Cablevision Industries Corporation (CVI), to Time Warner in 1996.
BCI Broadband is a next-generation broadband MSO formed by the executive management team from the former cable MSO Bresnan Communications in partnership with BBH Capital Partners, a suite of private equity funds sponsored by Brown Brothers Harriman & Co. Led by President and CEO Jeffrey S. DeMond and EVP and CFO, Andrew Kober, the James Cable acquisition is the company’s second transaction in 2013. BCI’s aggressive growth plan was first announced through the acquisition of certain assets of Allegiance Communications and with this closing, the former Allegiance and James operations will be combined.
The James Cable systems, currently operating under the brand name Mediastream, were owned by GoldenTree Asset Management. Waller Capital Partners served as the exclusive financial advisor to GoldenTree and James Cable in the transaction.
“BCI Broadband’s reinvestment plan for the former Allegiance assets is well underway,” said Andy Kober. “Our completion of the James Cable acquisition is a focused next step in our plan, which will build scale and reclaim share as we deliver industry leading products and services to these largely complementary markets.”
“Alan Gerry is not just a cable pioneer, but one of the names so often credited with creating our modern cable broadband industry,” said Jeff DeMond. “The relationship between BCI and Alan and his team is as deep as it is long. We welcome our new colleagues at James Cable to the BCI family, and could not be more proud to announce that we are the vehicle chosen by Alan and his team to re-enter the industry.”
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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 BBH Capital Partners: BBH Capital Partners, a suite of private equity funds 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