HILTON HEAD ISLAND, S.C.--(BUSINESS WIRE)--Hargray Communications Group, Inc. (“Hargray”) announced today the closing of its previously announced acquisition by Tom Pritzker Family Business Interests advised by The Pritzker Organization (“TPO”), Redwood Capital Investments, Stephens Capital Partners, and management. The transaction had been expected to close during the third quarter but closed sooner due to earlier-than-expected receipt of necessary approvals.
Hargray is the premier broadband communications and entertainment provider to the Lowcountry region of South Carolina and a growing set of communities throughout Georgia. Over the last ten years, the company has invested over $250 million to create an industry leading communications network that includes 2,000 route miles of fiber and serves over 65,000 customers.
Michael Gottdenker, Hargray’s Chairman & CEO, said, “Since announcing the transaction in early March, we have been humbled by the expressions of support we have received from our customers, colleagues, and partners. Our new owners will provide a permanent capital base that will enable us to continue to make significant investments in our existing network, enter additional markets, further enhance our products and services, and devote more energy to pursue our mission to envision and deliver customer delight.”
“Our industry has a well-earned reputation for less-than-optimal customer service,” said Gottdenker. “Although it will take some time, we are undertaking a review of all elements of our business to remake how we serve our customers. Our goal is to deliver world-class service to all of our customers, all of the time.”
Credit Suisse, SunTrust Robinson Humphrey, Inc., and Antares Holdings provided debt financing and acted as lead arrangers and bookrunning managers. Credit Suisse is serving as administrative agent. Davis Polk & Wardwell LLP served as legal advisor to Hargray, and Latham & Watkins served as legal advisor to TPO. McNally Capital sourced the transaction for TPO and advised the buyer, who was also advised by BDT & Company.
Terms of the transaction were not disclosed.
About Hargray Communications Group, Inc.
Founded in 1949, Hargray is a regional telecommunications company providing advanced Internet, television, and telephone communications services in a growing set of markets in South Carolina and Georgia. Hargray is committed to delivering the most advanced technology and the best service for its customers in Beaufort, Jasper, and Hampton counties in South Carolina, and Bibb, Bulloch, Chatham, Greene, Houston, Liberty, Lowndes, Putnam, and Tattnall counties in Georgia. Hargray is active in the communities it serves and supports a wide range of local charities, organizations, projects and events, including the company’s Caring Coins Foundation which has raised more than $2 million for community organizations. For more information, please visit www.hargray.com.