Seaport backs CountryWide Broadband management team in acquisition of Peoria, IL fiber network.
PEORIA, IL and NEW YORK, NY – Seaport Capital (“Seaport”), announced today that it has acquired ITV-3, Inc. (“iTV-3”), a provider of triple-play fiber-based services to residential and commercial customers in central Illinois. Seaport has partnered with CountryWide Broadband, Inc. (“CWB”), a broadband acquisition and management firm, to lead the company. iTV-3 will operate as i3 Broadband going forward. Terms of the transaction were not disclosed.
Seaport Capital Partner Bill Luby discussed the acquisition, saying “We see a great opportunity to expand the fiber network within the existing i3 Broadband markets, provide a superior gigabit-speed broadband product, and enhance the customer experience of the residents and businesses of central Illinois.”
"We are extremely excited about the opportunity to work alongside Seaport to execute on our growth plan," said CountryWide Broadband CEO Grier Raclin. "We recognize the importance of i3 Broadband’s all-fiber-to-the-premises services for its customers, as well as the value of its employees. We look forward to implementing our plans and continuing to build a great company.”
Bill Luby continued, "We worked closely with the CWB team over the past two years as we pursued plans to acquire broadband properties. The CWB team brings years of operating knowledge and industry experience to the existing service organization within i3 Broadband.”
About i3 Broadband
i3 Broadband provides all-fiber-to-the-premises triple-play services to both residential and commercial customers in Central Illinois. Headquartered in Peoria, IL, i3 Broadband has been an Internet Service Provider business for more than 20 years, and has provided fiber-based services since 2009.
For additional information, visit www.iTV-3.com.
About Seaport Capital
Founded in 1997, Seaport Capital provides capital to middle market companies in the communications, business services, and media sectors. Seaport works with talented management teams to create valuable companies that are leaders in their market segments. Seaport's extensive investing experience enables it to develop successful strategies; its relationships and resources help achieve them. The firm seeks to invest $10 to $25 million of equity capital in private companies with enterprise values of between $20 and $100 million.
For additional information, visit www.seaportcapital.com.
About Countrywide Broadband, Inc.
CountryWide Broadband, Inc. is a broadband acquisition and management firm headed by a management team broadly experienced in the fiber-optic, cable and telephone industries. The CWB executive team has almost 100 years of experience in telecommunications, and members of the team have managed more than $23 billion in mergers, acquisitions and similar financial transactions. Headquartered in St. Louis, Missouri, CWB plans to acquire, consolidate and grow additional broadband properties in markets throughout the United States.
For additional information, visit www.cwbinc.net.