Private equity firm Crestview Partners is acquiring a stake in WOW!, an Internet, cable TV, and phone provider headquartered in Colorado. Crestview is buying the units previously held by Avista Capital Partners and others, and making a $125 million primary investment in newly-issued units.

The transactions are expected to close on or prior to December 31, 2015.

Starting next year, Crestview Partner Jeffrey Marcus will become WOW!’s new Chair of the Board, replacing former WOW! CEO Colleen Abdoulah, who will retire as Chair but will continue to serve as a director of the Board. 

“The investment by Crestview, together with the continued support of Avista, will help WOW! to further capitalize on future growth opportunities while continuing to deliver the award-winning customer experience for which we are known. We look forward to a highly successful partnership with Avista and Crestview,” said WOW! CEO Steven Cochran.

“We are very excited about investing in the future of WOW! and partnering with the company’s leadership team as well as Avista. WOW! is the fourth cable investment Crestview has made since its founding in 2004. We know this industry quite well and believe, through this new partnership and given our extensive experience, we can help drive additional value creation while continuing to build on WOW!’s outstanding customer experience,” said Marcus

WOW!’s networks extend approximately 33,000 plant miles, pass approximately 3 million households, and serve approximately 782,000 customers.