M&A Deal Summary

Cable ONE Acquires Hargray Communications Group

On February 15, 2021, Cable ONE acquired communications company Hargray Communications Group from Redwood Capital Investments, Stephens Capital Partners, WaveDivision Capital and The Pritzker Organization for 2.2B USD

Acquisition Highlights
  • This is Cable ONE’s 5th transaction in the Communications sector.
  • This is Cable ONE’s largest (disclosed) transaction.
  • This is Cable ONE’s 5th transaction in the United States.
  • This is Cable ONE’s 1st transaction in South Carolina.

M&A Deal Summary

Date 2021-02-15
Target Hargray Communications Group
Sector Communications
Buyer(s) Cable ONE
Sellers(s) Redwood Capital Investments
Stephens Capital Partners
WaveDivision Capital
The Pritzker Organization
Deal Type Add-on Acquisition
Deal Value 2.2B USD

Target

Hargray Communications Group

Hilton Head, South Carolina, United States
website
Hargray Communications Group, Inc. is a telecommunications provider serving southeastern South Carolina and northeastern Georgia. The company's operations include traditional telephone carrier services, internet services, cable television, wireless telephone, and a telephone directory publishing operation. Hargray Communications Group was founded in 1949 and is based in Hilton Head, South Carolina.

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Buyer(S) 1

Buyer

Cable ONE

Phoenix, Arizona, United States

website


Category Company
Founded 1983
Sector Internet Software and Services
DESCRIPTION

Cable ONE, Inc., provides high-speed Internet, cable television and telephone services.


DEAL STATS #
Overall 5 of 5
Sector (Communications) 5 of 5
Type (Add-on Acquisition) 5 of 5
State (South Carolina) 1 of 1
Country (United States) 5 of 5
Year (2021) 1 of 1
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-01 Fidelity Communications

Sullivan, Missouri, United States

Fidelity Communications Co. is a family-owned cable operator that has been providing residential and business services to customers throughout greater Arkansas, Illinois, Louisiana, Missouri, Oklahoma, and Texas for nearly 80 years. Fidelity’s network passes approximately 190,000 homes and it has approximately 114,000 residential primary service units (“PSUs”) and 20,000 business PSUs. Fidelity is headquartered in Sullivan, Missouri.

Buy $526M

Seller(S) 4

DESCRIPTION

Redwood Capital is the private investment company for Jim Davis, a co-founder of Allegis Group. The Firm looks to acquire majority positions and generally seeks companies with established management in place, opportunities to re-invest earnings, and strong market positions with sustainable competitive advantages. Redwood Capital Investments was formed in 2006 and is based in Hanover, Maryland.


DEAL STATS #
Overall 1 of 1
Sector (Communications) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (South Carolina) 1 of 1
Country (United States) 1 of 1
Year (2021) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-08-09 Premier Trailer Leasing

Lewisville, Texas, United States

Premier Trailer Leasing, Inc. is a provider of trailer leasing and rental assets and related value-added services in the United States. Premier now has over 32,000 units and 27 branches located in 20 different states. Premier’s fleet is comprised of new and late model air ride vans, flatbeds, chassis, refrigerated units, spring ride vans, as well as specialized flatbeds. Premier is proud of its value added service offerings, such as available GPS trailer tracking on all over-the-road equipment and a web portal allowing access to trailer registrations, lease and rental asset history, maintenance history, invoices, digital images of trailer condition and rental agreements.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-28 V.F. - The Occupational Workwear

Greenwood Village, North Carolina, United States

The occupational workwear portion of VF’s Work segment includes the following brands: Red Kap, VF Solutions, Bulwark, Workrite, Walls, Terra, Kodiak, Work Authority, and Horace Small.

Buy -
SELLER
DESCRIPTION

Stephens Capital Partners is the direct, private equity investment arm of financial services firm Stephens, Inc. Stephens Capital looks to acquire minority or majority stakes in mid-sized, profitable companies in partnership with management. The Firm will consider opportunities throughout the US valued between $50 and $200 million. Stephens Capital will not consider venture investments or turnaround situations. Stephens Capital Partners is based in Little Rock, Arkansas.


DEAL STATS #
Overall 35 of 36
Sector (Communications) 2 of 3
Type (Add-on Acquisition) 17 of 17
State (South Carolina) 2 of 2
Country (United States) 34 of 35
Year (2021) 2 of 3
Size (of disclosed) 1 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-24 Alpha Media

Portland, Oregon, United States

Alpha Media is a diverse multimedia company sharing your favorite music, sports, and news across a variety of platforms. Alpha Media is an owner and operator of radio stations across the U.S. covering all formats. Alpha Media currently owns over 130 radio stations and remains active in the pursuit of additional acquisition targets. Alpha Media was founded in 2009 and is based in Portland, Oregon.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-16 Point Broadband

West Point, Georgia, United States

Point Broadband is an internet service provider to residential and business customers in rural and suburban America. Point Broadband was established in 2016 and is based in West Point, Georgia.

Sell -
DESCRIPTION

WaveDivision Capital is a private investment firm focused on the broadband industry. WaveDivision Capital was formed in 2003 and is headquartered in Kirkland, Washington.


DEAL STATS #
Overall 1 of 1
Sector (Communications) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (South Carolina) 1 of 1
Country (United States) 1 of 1
Year (2021) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-27 Xplornet

Woodstock, New Brunswick, Canada

Xplornet is a provider of broadband access to rural consumers across Canada using both 4G Wireless and two-way next-generation satellites. Xplornet has been providing innovative fixed and mobile broadband solutions to rural customers at work, home and plays across Canada. Xplornet offers voice and data communication services through its unique hybrid fiber wireless and satellite network that connects Canadians to what matters. Xplornet was founded in 2004 and is based in Woodstock, New Brunswick.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-21 Metronet Fiber

Evansville, Indiana, United States

Metronet is a provider of fiber-optic internet, TV and phone service in more than 50 cities in Indiana, Illinois, and Kentucky. Metronet Fiber is providing cutting-edge fiber optic telecommunication services, including high-speed Fiber Internet, full-featured Fiber Phone, Fiber IPTV with a wide variety of programming, and products. Metronet Fiber was founded in 2005 and is based in Evansville, Indiana.

Buy -
DESCRIPTION


DEAL STATS #
Overall 1 of 1
Sector (Communications) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (South Carolina) 1 of 1
Country (United States) 1 of 1
Year (2021) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-29 STV

New York, New York, United States

STV is a provider of architectural, engineering, planning, environmental, and construction management services for transportation systems, infrastructure, buildings, energy, and other facilities. STV was founded in 1912 and is based in New York City.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-09 Crown Health Care Laundry Services

Pensacola, Florida, United States

Crown Health Care Laundry Services is a provider of healthcare linen management solutions and products across the Southeast. Crown provides laundering, packaging, delivery and additional value-added services to healthcare facilities. Crown is based in Pensacola, Florida.

Buy -