Grain Management to acquire Summit Broadband from Cable Bahamas

20 Aug 2019

Washington, DC-based private equity firm Grain Management has entered into a definitive agreement to acquire ‘a majority interest’ in Florida-based ISP Summit Vista (Summit Broadband) from Cable Bahamas. Founded in 1994, Summit Broadband owns and operates fibre-optic networks spanning more than 1,800 fibre route miles across central and south-west Florida. No purchase price has been disclosed.

TeleGeography notes that the current incarnation of Summit Broadband was created following the USD99 million quadruple takeover of Florida-based ISPs Summit Broadband, Marco Island Cable, NuVu and US Metropolitan Telecoms, which concluded in 2013. The acquisitions were driven by Cable Bahamas’ limited growth prospects in its domestic market. Shares of all four companies were held by a newly created holding company, Summit Vista.

The Summit transaction represents the second notable deal involving Grain Management so far this month. On 12 August Grain signed a definitive agreement to acquire a majority stake in Ritter Communications, which offers a complete portfolio of fixed line services to 45,000 residential and business subscribers in 89 communities across Arkansas, southeast Missouri and west Tennessee. Going forward, Grain will invest in Ritter Communications with its current owner, E. Ritter and Company, whose family owners have led the business for five generations since it began providing local telephone services in 1906.

Both transactions are subject to customary regulatory approvals and are expected to close in the fourth quarter of 2019.

United States, Cable Bahamas Limited (CBL, REV), Grain Management, Ritter Communications, Summit Broadband