NEW YORK, NY and BOULDER, CO – January 17, 2012 – DH Capital, LLC, an investment banking firm serving the communications and Internet infrastructure sectors, announced today that Broadstripe has completed the sale of its cable systems to Wave Broadband and WOW!. Broadstripe, which filed for Chapter 11 bankruptcy protection in January 2009, operated systems in Maryland, Michigan, Oregon, and Washington.
Broadstripe’s Chief Restructuring Officer Reece Fulgham of El Molino Advisors (an affiliate of Conway MacKenzie, Inc.) commented, “This transaction represents the successful culmination of a restructuring process that resulted in the best outcome for the company’s stakeholders, employees, and customers. DH Capital’s assistance from start to finish in this transaction has been invaluable.”
Steve Weed, CEO of Wave Broadband, said, “With this acquisition, Wave continues a tradition of expansion in strategic West Coast markets. Wave’s successful growth stems from our sincere commitment to providing superior products and exceptional service to our customers.”
Steven Cochran, President and Chief Financial Officer of WOW!, commented, “We are excited to welcome Broadstripe employees and customers into the WOW! family. This acquisition is a terrific investment that will further the growth of our business. We’re eager to begin the process of transitioning and integrating the system to WOW!’s operating philosophy – to deliver an employee and customer experience that lives up to our name.”
Joseph Duggan, Chairman and Co-Founder at DH Capital, LLC, stated, “I have worked with the ownership and management of Broadstripe for several years and, while sad to leave the cable business, they are glad the communities will benefit from the transition to Wave Broadband and WOW!. Their management teams have a tremendous reputation in the cable sector and we expect they will meet with great success.”
DH Capital served as exclusive financial advisor to Broadstripe.
About DH Capital, LLC
DH Capital is a private investment banking partnership serving companies in the communications and Internet infrastructure sectors. Headquartered in New York City with offices in Boulder, Colorado, the firm’s principals have extensive experience and proven abilities in capital formation, finance, research, business development, and operations. DH Capital provides a full range of advisory services to companies and financial institutions, including mergers and acquisitions, private capital placements, financial restructuring, and operational consulting. DH Capital has completed M&A transactions and private capital placements totaling more than $4 billion in value.
For additional information about DH Capital, please contact us at 212-774-3720 or visit our Web site at www.dhcapital.com.
About Wave Broadband
Wave Broadband is a cable, internet and phone services company currently serving over 300,000 customers in Washington, Oregon and California. Owned and operated by local industry leaders, Wave supports its customers with decades of cable know-how. Its mission is to provide 100% of its cable systems with the latest technologies and upgrades including high speed internet, digital cable, home phone service, international programming, DVR, HDTV, and Free TV On Demand services.
WOW! is a competitive provider of residential and commercial High-Speed Internet, cable television and telephone services. WOW! Cable features Basic Cable, Digital Cable, and advanced services such as HDTV, VOD, and DVRs. WOW! Internet provides customers with a choice of High-Speed connections from 2 Mbps all the way to 50Mbps. WOW! Phone offers the convenience of unlimited local and local toll calling, as well as packages that include unlimited nationwide long distance in the United States. Customers can bundle any two or all three services together at a great value, while benefiting from the convenience of dealing with just one company for all their entertainment and telecommunications needs.