Unedited news and product information from vendors.
Oak Hill Capital Partners to Acquire WaveDivision Holdings in Partnership With GI Partners and Wave Management
Jun 01, 2012 (07:06 PM EDT)
KIRKLAND, Wash., June 1, 2012 /PRNewswire/ -- WaveDivision Holdings, LLC ("Wave") today announced that Oak Hill Capital Partners ("Oak Hill Capital") and GI Partners ("GI"), in conjunction with Chief Executive Officer Steve Weed and other members of Wave management, have entered into a definitive agreement to acquire the Company from its current owners, led by Sandler Capital Management. Oak Hill Capital and GI are leading private equity firms with longstanding cable and IT infrastructure expertise. The terms of the transaction were not disclosed.
Formed in 2003 by Mr. Weed and Sandler Capital Management, Wave owns and operates broadband cable systems that deliver advanced video, high-speed data and voice services to residential and commercial customers. Operating under the Wave Broadband and Astound brand names, Wave has established a reputation for high quality service in the suburban markets of Seattle, San Francisco, Sacramento and Portland, passing more than 586,000 homes and serving approximately 385,000 revenue generating units.
Mr. Weed said, "We are extremely pleased to be partnering with Oak Hill Capital and GI. Both firms bring value-added expertise and impressive track records of successful investments in our industry. Their insight and support will be invaluable as we continue to provide our communities with the highest levels of product quality, speed and customer care available. On behalf of Wave, I would also like to thank the entire team at Sandler Capital for a decade of successful partnership."
Jonathan Friesel, a Partner of Oak Hill Capital, said, "Steve Weed and the Wave management team have built an outstanding organization, with highly advanced networks, strong operations, a robust suite of products and exceptional customer service. We are looking forward to working with them as they continue to set the standard in the markets they serve."
Gregory VandenBosch, a Director of GI, said, "We are delighted about this new partnership and look forward to working with management and Oak Hill Capital to further enhance the Wave platform."
Completion of the transaction, which is subject to regulatory approvals and customary closing conditions, is expected in the fourth quarter of 2012.
RBC Capital Markets and Waller Capital are serving as financial advisors to Wave on the transaction, and Deutsche Bank and Wells Fargo are serving as financial advisors to Oak Hill Capital. Dow Lohnes PLLC is legal counsel to Wave. Paul, Weiss, Rifkind, Wharton & Garrison LLP is legal counsel to Oak Hill Capital, and Kirkland & Ellis LLP is legal counsel to GI Partners.
About WaveDivision Holdings
About Oak Hill Capital Partners
About GI Partners
Kekst and Company
SOURCE WaveDivision Holdings, LLC