New York private equity firm Seaport Capital LLC is acquiring cable, Internet and phone services company Everest Connections LLC. No deal value was announced, but GE Commercial Finance said in a press release Tuesday that it was providing $68.7 million in senior secured debt to finance the buyout. Seaport typically invests $5 million to $35 million in middle-market media, telecommunications, information and business services companies valued at between $15 million and $200 million.Read more
July 11, 2006: GE Commercial Finance - Global Media & Communications announced today that it has closed, as administrative agent, a $68,750,000 senior secured credit facility in support of Seaport Capital's acquisition of Everest Connections, a local cable, Internet and phone provider with over 34,000 subscribers in the greater Kansas City metropolitan area. GE Capital Markets served as sole lead arranger in the deal, which closed on June 30.
July 3, 2006: Aquila, Inc. today announced that it has completed the sale of its Minnesota natural gas utility division and that its subsidiary, Everest Global Technologies Group, LLC (EGTG), has completed the sale of its Kansas City area cable, broadband Internet, and telephony business, known as Everest.Read more
Rochester, New York - Waltham, Massachusetts - Marlboro, Massachusetts: Choice One Communications, CTC Communications and Conversent Communications jointly announced today the completion of their previously announced combination. The merged organization will be called "One Communications" as of July 24th and will serve businesses in sixteen states within the Northeast, Mid-Atlantic and upper Midwest regions. With revenues of over $800 million, One Communications is the largest privately-held competitive local exchange carrier in the United States.Read more
Waltham, Massachusetts and Rochester, New York March 28, 2006: CTC Communications and Choice One Communications, which on February 10, 2006 announced their agreement to merge, today announced they are jointly acquiring Conversent Communications, Inc., an integrated communications provider with significant facilities and customers in the Northeast as well as in West Virginia. On a combined basis, the three companies currently generate about $800 million in annual revenue and provide telecommunications services to over 150,000 business customers representing more than 1.3 million access lines equivalents. The combined company, which will be privately held, will be the second largest competitive communications provider in the U.S., with a heavy regional focus in the Northeast, Mid-Atlantic, and upper Midwest regions. Its network will include 10,000 route miles of fiber and approximately 700 unique collocations.