Purchases Cable Assets from Newnan Utilities for $70 Million
NEW YORK--(BUSINESS WIRE)--Halyard Capital (“Halyard”), a New York-based private equity firm, in partnership with cable veteran John Brooks, announced today the formation of NuLink and the acquisition of cable assets from Newnan Utilities, a municipally-owned utility based in Newnan, GA, for $70 million. The transaction closed April 21.
The acquisition provides NuLink a platform in Coweta County, GA, a demographically attractive and high-growth region approximately 40 miles southwest of Atlanta. Newnan Utilities has developed a strong competitive position through first-rate customer service and a state-of-the-art network.
NuLink’s growth strategy includes capitalizing on the region’s continued growth, revitalizing the company’s marketing campaigns and launching new products, including video-on-demand and a digital telephony product. The introduction of a digital telephony product will enable NuLink to create a video, high-speed data and voice “triple play” package that will provide significant savings to the company’s customers. NuLink, with leadership from Chairman and CEO John Brooks, will also look to grow the company through strategic acquisitions.
“This acquisition provides a strong base for the NuLink strategy,” said Brooks. “I am very happy to be partnering with Newnan’s talented employees, who have built a strong company that is a key part of the community, and I am confident we can continue to build the business by introducing new products while maintaining and strengthening our commitment to excellent service.”
Brooks has over 24 years of cable broadband experience. He previously served as Executive Vice President of Broadstripe (formerly Millennium Digital Media), a company he co-founded in 1998. Prior to Broadstripe, Brooks was a co-founder and senior executive of Brooks Fiber Properties, a leading provider of competitive telecommunications services across the United States. He began his career at Cencom Cable Associates, a St. Louis-based cable MSO with over 550,000 subscribers in 16 states.
“We look forward to partnering with John Brooks and believe his experienced leadership will contribute to the company’s continued success. NuLink has achieved a local market leadership position and is well positioned for further growth,” stated Michael Furey, a principal at Halyard.
Bruce Eatroff, partner at Halyard, added: “Halyard has been seeking an investment in a fully upgraded cable system in a high growth market and we are excited to be acquiring the cable assets of Newnan Utilities. We will continue to invest in the company’s infrastructure to deliver a premium customer experience.”
Halyard Capital received legal counsel from Hogan & Hartson LLP. CIT Lending Services Corporation, Newstar Financial and Wells Fargo Foothill provided financing for the transaction.
About Halyard Capital
Halyard Capital is a New York-based private equity firm with over $600 million of capital under management, focused on investing opportunities within the media, communications and business services industries. Halyard specializes in middle-market leveraged buyouts and growth equity investments. The firm has extensive experience and a proven track record within each of these sectors with recent investments including HCPro, Engauge, Presidio Networks and Education Dynamics. The firm’s investment funds will commit up to $40 million to individual portfolio companies. Additional information regarding Halyard’s strategy, principals and investments can be found at www.halyard.com.
About Newnan Utilities
Newnan Utilities is a municipally-owned utility, located approximately 40 miles southwest of Atlanta and composed of five divisions offering electricity, water, sewer, cable and telecommunications services to the residents of Newnan, Georgia, Coweta County and surrounding communities. The Newnan Water, Sewerage and Light Commission, a component of the City of Newnan, currently manages the operations of the Utility. Newnan Utilities launched its fiber network in 1995 and began offering cable and high-speed Internet services two years later. Newnan Utilities was the first cable company in Georgia to offer DVR functionality and was also one of the first systems to offer HD services. For more information, please visit the Newnan Utilities website at www.newnanutilities.org.
Contacts
Halyard Capital
Bruce Eatroff, 212-554-2145
Partner
beatroff@halyard.com
or
Michael Furey, 212-554-2129
Principal
mfurey@halyard.com
or
For Media:
CJP Communications
Brian Hickey, 212-279-3115 ext 245
bhickey@cjpcom.com