Cable veteran John Brooks – with the aid of New York-based private equity firm Halyard Capital – has formed NuLink and acquired the cable assets of Newnan Utilities for $70 million.
The municipally owned system being sold serves about 18,000 video subscribers in the communities in and around Newnan, Ga.
DH Capital – an investment banking firm serving the media, Internet and telecom industries – announced the sale.
“The team at Newnan Utilities has done a terrific job creating a robust, customer-focused cable and telecommunications platform,” said Townsend Devereux, partner at DH Capital. “Halyard Capital and their operating team, led by John Brooks, have a long history in the cable and telecommunications sectors, and we expect they will meet with great success, as well.”
The acquisition provides NuLink with a platform in Coweta County, Ga.
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 (VOD) and a digital telephony product, the company said. The introduction of a digital telephony product will enable NuLink to create a video, high-speed data and voice triple-play package.
NuLink, with leadership from Chairman and CEO Brooks, said that it will also look to grow the company through strategic acquisitions.
“This acquisition provides a strong base for the NuLink strategy,” Brooks said. “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 previously served as the EVP 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. He began his career at Cencom Cable Associates, a St. Louis-based cable MSO with more than 550,000 subscribers in 16 states.
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