ORLANDO, Fla., Aug. 18,
2019 /PRNewswire/ -- Grain Management, LLC ("Grain"), a
leading Washington, D.C.-based
private equity firm focused on the global communications sector,
announced today that it has entered into a definitive agreement to
acquire from Cable Bahamas Ltd. ("CBL Group") a majority interest
in Summit Vista, Inc., dba Summit Broadband ("Summit"), a fiber-optics telecommunications
provider in Florida.
"Summit has an impressive
history of serving businesses across multiple industries and
residential customers in central and southwest Florida communities," said David Grain, Founder and CEO of Grain
Management. "As a global investor in the industry, Grain is poised
to partner with Summit in
advancing its position as a leading fiber-optic telecommunications
provider, and aid in the expansion of these services in an
increasingly smart and connected world."
President and CEO of CBL Group, Franklyn
Butler, said "CBL Group has undergone tremendous growth over
the last six years and the performance of Summit has proved significant in contributing
to these results. I wish to personally thank the management and
staff at Summit for their
contribution to CBL Group performance over the years and wish them
well in this next exciting phase of their growth."
The sale process was conducted by RBC Capital Markets through
its Denver and New York based offices and is expected to
close in the fourth quarter of 2019. The transaction is subject to
usual and customary closing conditions and regulatory approvals. TD
Securities served as financial advisor to Grain in the transaction,
Alston & Bird LLP served as legal counsel, and the Direct
Lending team at Deutsche Bank provided committed debt financing for
the transaction.
About Grain Management, LLC
Grain Management,
LLC is a leading private equity firm focused on investments in
the global communications sector. The firm was founded in 2007 with
the objective of bringing a differentiated approach to the industry
characterized by expansive sector knowledge, rigorous analytics,
and dedicated, in-house operating and financial professionals.
Grain is directed by a team of highly experienced investment
professionals with deep industry knowledge and a specialized skill
set, marked by extensive operating history, quantitative and
analytical proficiency, and regulatory expertise. For more
information visit graingp.com.
About Summit Broadband
Summit Broadband is a
leading fiber-optics telecommunications provider in Central and
Southwest Florida. The company
provides voice, video, data and high-speed internet services to
residential and commercial customers, as well as Ethernet and
dark-fiber transport to enterprise and carrier customers. Providing
a superior customer service experience since 1994, Summit Broadband
owns and operates its own fiber-optic networks, with a reach of
more than 1,800 fiber route miles, serving multiple industries and
communities throughout its territory. For more information
visit summit-broadband.com.
For more information:
Grain Management
Grain Management Public Relations
Email: PR@graingp.com
Summit Broadband
Johnny Ingle, Vice President of
Marketing
Email: johnny.ingle@CableBahamas.com
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SOURCE Grain Management, LLC