Acquisition positions i3 to rapidly expand service territory and provide Fiber-to-the-Home broadband to consumers in new communities.
Wren House Infrastructure Management Limited (“Wren House”) today announced that it has agreed to acquire i3 Broadband ("i3" or the "Company") from Seaport Capital (“Seaport”) and Countrywide Broadband.
Headquartered in Peoria, Illinois, i3 is the leading fiber-to-the-home (FTTH) operator in Illinois, providing gigabit-speed broadband, as well as video and voice services, to residential and commercial customers in Central Illinois. It also serves select markets in the East Bay of Rhode Island.
Under Seaport's ownership, the Company has become one of the country’s leading fiber-to-the-home providers, offering fiber-based broadband internet to residential and commercial customers with nationally recognized customer service. Wren House’s investment will support the Company’s continued growth in its existing markets and the buildout of new communities in Illinois and surrounding states.
"i3 is committed to providing local communities with access to the most reliable, high-speed broadband connectivity available. These services are more critical than ever, allowing residents to easily e-learn and work-from-home, and communities to grow. Wren House’s investment will allow us to expand our network and enhance our services, all while remaining committed to our customer-first culture," said Dan Kennedy, CEO of i3 Broadband. "We are excited to have Wren House as our partner in this next chapter of i3’s growth, and Sam Valencia, Executive Vice President and CFO, and I are pleased to be major investors in this new venture.”
“i3 is perfectly positioned to meet the growing demand for reliable, high-speed connectivity to homes and businesses. i3 has built an impressive fiber network and cultivated strong customer relationships throughout their local markets. We are excited to partner with i3’s exceptional management team to accelerate the Company’s growth, while continuing to deliver category-leading service to i3’s communities," said Hakim Drissi, CEO of Wren House.
"The impressive growth i3 generated over the course of our four-year partnership with Chairman Grier Raclin, CEO Dan Kennedy, CFO Sam Valencia, and VP Mike Whitaker is a testament to the entire i3 management team and their focus on delivering high-quality products over a state-of-the-art fiber network backed by superior customer service,” said Bill Luby, a Founding Partner of Seaport Capital.
Scott McCormack, Partner at Seaport Capital, added, “We want to thank the entire i3 team and wish the Company continued success in the future with their new partner, Wren House."
Lazard Middle Market acted as sole financial advisor to i3 and Thompson Coburn acted as i3’s legal counsel. Rothschild & Co acted as financial advisor to Wren House and Sullivan & Cromwell acted as Wren House’s legal counsel.
About i3 Broadband
i3 Broadband is the leading fiber-to-the-home (FTTH) operator in Illinois, providing gigabit-speed broadband, as well as video and voice services, to residential and commercial customers in Central Illinois. It also serves select markets in the East Bay of Rhode Island. www.i3broadband.com
About Wren House
Wren House, based in London, UK, was established in 2013 as an operationally independent UK limited company. Wren House is a captive global infrastructure investment manager, with a clear mandate that drives a flexible and commercial approach to investment and a focus on delivering attractive risk-adjusted equity returns. To learn more about Wren House please visit http://wrenhouseinfra.com/.
About Seaport Capital
Founded in 1997, Seaport Capital is a lower middle market buyout firm that invests in communication infrastructure and services, business and information services and media companies (the “Focus Sectors”). Seaport’s senior investment team has over 100 years of combined experience investing in the Focus Sectors, and the team has worked collectively for over 15 years. Seaport’s substantial industry expertise and investing experience enable it to develop successful strategies; its relationships and team help achieve them. Nearly all of Seaport’s platform investments have been owned by founders or entrepreneurs seeking a collaborative institutional partner to provide the financial and operational resources to grow their businesses and execute on a successful strategic plan. To learn more about Seaport Capital please visit www.seaportcapital.com.