WaveDivision Capital Mergers and Acquisitions Summary

Private Equity Firm Profile

WaveDivision Capital’s most common sector for investment iscommunications (100%). The Firm’s most common investment types include secondary buyout (50%) and divestiture (25%). In total, WaveDivision Capital has invested in 3 US states and 2 different countries. Its largest (disclosed) acquisition occurred in 2019 when it acquired Ziply Fiber for $1.4B.

The Firm’s most common exit type is trade sale (100%). WaveDivision Capital’s largest (disclosed) exit occurred in 2021 when it sold Hargray Communications Group for $2.2B.

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M&A Summary

  • M&A Total Activity5
    • M&A Buy Activity4
    • M&A Sell Activity1
  • Total Sectors Invested 1
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 4
  • M&A Advisors 4

WaveDivision Capital

135 Lake Street South, Suite 1000,
Kirkland, Washington 98033
United States
www.wavedc.com

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


Investment Criteria

Sectors of Interest: Communications

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Secondary Buyout

Geographic Preferences: East US, Midwest US, South US, West US, Canada

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size - -
Enterprise Value - -

M&A Summary

Buy vs Sell

Year ≤ '20 '21 '22 '23 '24 '25 T
Buy (0.2/yr) # 3 1 - - - - 4
vol $1.4B $1.4B
Sell (0.2/yr) # - 1 - - - - 1
vol $2.2B $2.2B
  5

Most Recent M&A

Company Date Value Type
Metronet Fiber, Inc. 2021-04-21 - Growth Capital
Evansville, Indiana · www.metronet.com
Hargray Communications Group, Inc. 2021-02-15 2.2B USD Add-on Acquisition
Hilton Head, South Carolina · www.hargray.com
Xplornet Communications, Inc. 2020-02-27 - Secondary Buyout
Woodstock, New Brunswick · www.xplornet.com
Ziply Fiber 2019-05-29 1.4B USD Divestiture
Everett, Washington · www.ziplyfiber.com
Hargray Communications Group, Inc. 2015-01-01 - Secondary Buyout
Hilton Head, South Carolina · www.hargray.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Xplornet Communications, Inc. 2020-02-27 Corridor Communications, Inc. 2020-10-01 3
Woodstock, New Brunswick · www.xplornet.com Calgary, Alberta · www.cciwireless.ca

M&A by Sector

Sector Current # Value All-time # Value
Communications 3 (100%) 1.4B (100%) 4 (100%) 1.4B (100%)
Total 3 $1.4B 4 $1.4B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 2 (67%) 1.4B (100%) 3 (75%) 1.4B (100%)
  Washington 1 (33%) 1.4B (100%) 1 (25%) 1.4B (100%)
  Indiana 1 (33%) - 1 (25%) -
  South Carolina - - 1 (25%) -
Canada 1 (33%) - 1 (25%) -
  New Brunswick 1 (33%) - 1 (25%) -
Total 3 $1.4B 4 $1.4B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 1 (33%) - 2 (50%) -
Divestiture 1 (33%) 1.4B (100%) 1 (25%) 1.4B (100%)
Growth Capital 1 (33%) - 1 (25%) -
Total 3 $1.4B 4 $1.4B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 1 (100%) 2.2B (100%)
Total 1 $2.2B

Top M&A Advisors

Financial Deals
Deutsche Bank Corporate & Investment Banking
 1
Credit Suisse Investment Banking
 1
Bank of America Merrill Lynch (BofA Securities)
 1
Legal Deals
Paul, Weiss, Rifkind, Wharton & Garrison LLP
 1

Deal Values

buy # Total
> $1B 1 $1.4B
TOTAL $1.4B
Largest Ziply Fiber
$1.4B (2019-05-29)
sell # Total
> $1B 1 $2.2B
TOTAL $2.2B
Largest Hargray Communications Group, Inc.
$2.2B (2021-02-15)

M&A Connections

Deals
Acquired from
Investor(s)
50%
2 (50%)
Strategic(s)
25%
1 (25%)
Exited to
Strategic(s)
100%
1 (100%)

Investor Summary

Investor Type

Private Equity Firm

Size

Small

Established

2003

Specialist/Generalist

Specialist

Leadership

Steve Weed

Founder & CEO

Harold Zeitz

Managing Director

Wayne Schattenkerk

President

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