Hargray announces sale
Hargray Communications Group, Inc. has announced its sale to a group of investors in an all-cash transaction.
The Pritzker Organization, LLC announced Tuesday that the Tom Pritzker Family Business Interests, along with Redwood Capital Investments, Stephens Capital Partners and management have agreed to acquire Hargray.
Hargray provides broadband communications in the Lowcountry and some areas of Georgia.
“We are looking forward to partnering with The Pritzker Organization, Redwood Capital Investments, and Stephens Capital Partners,” Hargray chairman and CEO Michael Gottdenker said in a news release. “This transaction will mark a new era for our organization, returning us to family ownership following ten great years with Quadrangle Capital Partners.”
Gottdenker said the current management team will continue to manage the company. The new owners will provide a “capital base” that will allow continued investment in the network, enhance products and services.
“Hargray has an exceptional team and a proven track record of delivering value to its customers,” said Tom Pritzker, chairman and CEO of the Pritzker Organization.
Credit Suisse, SunTrust Robinson Humphrey, Inc., and Antares Holdings are providing debt financing and acting as lead arrangers and book running managers. Credit Suisse will serve as administrative agent.
Terms of the transaction were not disclosed. The transaction is expected to close in the third calendar quarter.
Founded in 1949, Hargray provides advanced internet, television and telephone communications services in in Beaufort, Jasper and Hampton counties in South Carolina, and Bibb, Bulloch, Chatham, Greene, Houston, Liberty, Lowndes, Putnam, and Tattnall counties in Georgia.
The Pritzker Organization is the merchant bank for the business interests of the Tom Pritzker family. Additional information can be found at www.tpo.org.
Redwood Capital Investments is the private investment company for Jim Davis, a co-founder of Allegis Group. Redwood’s primary strategy is to become long-term partners with private business owners and management teams.
Stephens Capital Partners LLC is the principal investing arm of the Warren A. Stephens family and Stephens Inc.