Private investment fund Abry Partners has wrapped its acquisition of RCN, announced in March. The new owners realigned the company and announced new management.
Abry is pulling off the Internet and voice operations, which served residential and small business customers, and is making it a standalone subsidiary. The new CEO of that operation is Jim Holanda, the former president of Patriot Media in central New Jersey and current CEO of Choice Cable TV of Puerto Rico.
Steven Simmons was installed as chairman of the company. Simmons was the CEO of Patriot Media and is the current chairman of Choice Cable TV of Puerto Rico.
Comcast bought Patriot Media in 2007.
The other element of RCN’s business is its Metro unit, which will be led by CEO Mike Sicoli, previously executive vice president and CFO of RCN.
“This transaction is a major step forward for RCN Metro’s customers and employees. Separating RCN Metro will help us realize the full potential of our business through dedicated investments in our network and focused resources serving our carrier and enterprise customers,” said Sicoli.
Former CEO Peter Aquino had been nearing the end of a three-year contract signed in December 2007.
The $15-a-share cash offer works out to a total of about $1.5 billion. RCN will become a private company.