Private equity firm Crestview Partners is buying a stake in broadband provider Wow from Avista Capital Partners. The firm is also investing $125 million in new units that will be issued by the sellers and other unit holders.
Wow, headquartered in Englewood, Colorado, provides Internet, cable, and phone services to about 782,000 customers in the Midwest and Southeast. Avista acquired Wow in 2005 from Oak Hill Capital Partners and Abry Partners.
“We are excited about the high-speed data and commercial opportunity and our capital should help the company continue its growth,” says Crestview Partner Brian Cassidy. Crestview is a New York-based private equity firm that focuses on the media, health care, energy and financial services sectors.
Wow is not the only broadband provider that has received buyer interest lately. CommScope Holding Co. (Nasdaq: COMM) is buying Arivana LP and Qualcomm Inc. (Nasdaq: QCOM) is adding Ikanos Communications Inc.
Credit Suisse Group (NYSE: CS) and Kirkland & Ellis LLP are advising Wow and Avista. Paul Weiss Rifkind Wharton & Garrison LLP is representing Crestview.