Vast Broadband has secured a significant new investment, paving the way for further growth and expansion.
This investment will enable Vast Broadband to increase its services and offerings, making high-speed internet more accessible to even more communities.
With this new investment, Vast Broadband aims to expand its fiber-optic network, reaching more homes and businesses across the Midwest.
By doing so, Vast Broadband is committed to providing reliable, fast, and affordable internet services to its customers.
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Vast Broadband Investment
Vast Broadband has signed an agreement to be acquired by GI Partners, a leading US-based investor in data infrastructure businesses, in partnership with industry veteran Rich Fish.
The investment will enhance Vast's best-in-class service capabilities, allowing it to continue providing world-class service to communities throughout the region.
GI Partners will support Vast and its employees to achieve this goal.
Rich Fish, incoming CEO of Vast Broadband, is a native of the Great Plains and is thrilled to partner with local employees to bring high-quality internet connectivity to his home region.
Vast Broadband is a leading provider of high-speed broadband, video, and voice services to over 60,000 residential and business customers.
The transaction is expected to close following satisfaction of customary closing conditions, including regulatory approvals.
GI Partners will make the investment from the GI Data Infrastructure Fund.
Weil, Gotshal & Manges acted as legal counsel to GI Partners, while RBC Capital Markets, LLC acted as exclusive financial advisor to Vast Broadband, and Alston & Bird acted as legal counsel.
Acquisition and Recapitalization
Vast Broadband has completed a recapitalization led by Oak Hill Capital Partners and Pamlico Capital, which will support its accelerated growth plans. This move will enable Vast to expand its services and reach more customers.
The recapitalization was accompanied by an acquisition, where Vast acquired NTS Communications, a regional broadband fiber company serving over 20,000 customers in Texas and Louisiana. NTS operates a high-quality fiber network spanning over 2,700 owned route miles.
Vast has also undergone a recapitalization to support its growth plans, with Oak Hill Capital Partners and Pamlico Capital leading the effort.
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Schurz Completes Acquisition
Schurz Communications completed the acquisition of Vast Broadband network facilities and customers in northwest Iowa and southeast South Dakota on July 1.
The acquisition complements existing Schurz properties operating as Long Lines Broadband, which Schurz acquired in 2015.
Long Lines Broadband has been around for 75 years, building a reputation for quality customer service and operational excellence.
The acquired Vast Broadband service areas include important communities like N. Sioux City, SD and Storm Lake, IA.
Employees of Vast Broadband were welcomed into the Schurz and Long Lines family of companies on July 1.
The integration work is expected to be completed later this summer, after which former Vast customers will benefit from new all-digital video, new HD channels, and new high-speed internet choices on Long Lines Broadband.
Long Lines plan to hire additional customer service personnel to support the expanded customer base.
Michael McHugh and FBR Capital Markets & Co. acted as financial advisors on this transaction.
Schurz Communications is a Mishawaka, IN-based news and information company that consists of cable, newspaper publishing, and digital media.
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Recapitalization and Acquisition Complete
Vast Broadband completed its recapitalization and acquisition of NTS Communications in September 2019.
The recapitalization was led by Oak Hill Capital Partners and Pamlico Capital, which supported Vast's accelerated growth plans. A senior management team at Vast joined forces with local management at NTS to expand service offerings across the company's markets.
The acquisition added 20,000 residential and business customers in Texas and Louisiana to Vast's existing customer base of over 55,000 in South Dakota and Minnesota.
NTS operates a high-quality fiber network spanning over 2,700 owned route miles, passing more than 60,000 homes and businesses in Texas markets and select markets in Louisiana.
The combined company will work together to provide outstanding service to customers and communities, with a seamless transition for both customers and employees.
The financial terms of the transaction were not disclosed, but the acquisition was supported by debt financing from SunTrust Robinson Humphrey, Inc. and TD Securities (USA).
New Growth Phase
Vast Broadband has completed a recapitalization and acquisition of NTS Communications, a regional broadband fiber company, to support its accelerated growth plans.
This move will allow Vast to expand its service offerings across the company's markets, including Texas and Louisiana, where NTS operates a high-quality fiber network spanning over 2,700 owned route miles.
The senior management team at Vast, led by CEO Jim Gleason, will join forces with local management at NTS to ensure a seamless transition for both customers and employees.
Vast and NTS will work together to provide outstanding service to their customers and communities.
The acquisition will also enable Vast to tap into NTS's extensive fiber network, which passes more than 60,000 homes and businesses in Texas markets, including Lubbock, Amarillo, Abilene, and Wichita Falls.
The deal was led by Oak Hill Capital Partners and Pamlico Capital, who provided the necessary financing to support the transaction.
The acquisition is expected to bring new opportunities for growth and expansion to both Vast and NTS, as they combine their resources and expertise to deliver better services to their customers.
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The combined company will have a strong presence in the Midwest, with a large customer base and a robust network infrastructure.
Vast's CEO, Jim Gleason, expressed his excitement about the acquisition, stating that they are looking forward to working with the NTS team and the cities they serve to provide outstanding service to their customers and communities.
Frequently Asked Questions
What did Bluepeak used to be called?
Bluepeak was previously known as Vast Broadband. The company has undergone a name change as part of its expansion and rebranding process.
Is broadband the same as internet service?
Broadband is a type of internet service that provides high-speed access to the internet, but not all internet services are broadband. To determine if your internet service is broadband, check your speed and compare it to the typical broadband speeds offered by your provider.
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