APRIL 22, 2008 -- Halyard Capital, a New York-based private equity firm, in partnership with cable veteran John Brooks, has formed NuLink, a broadband services company. To get the company off the ground, the company has acquired cable assets from Newnan Utilities, a municipally owned utility based in Newnan, GA, for $70 million. The transaction closed April 21.
The acquisition provides NuLink a platform in Coweta County, GA, which the company describes as "a demographically attractive and high-growth region approximately 40 miles southwest of Atlanta."
NuLink says its growth strategy includes capitalizing on the region's continued growth, revitalizing the company's marketing campaigns, and launching new products, including video-on-demand and a digital telephony product. The introduction of a digital telephony product will enable NuLink to create a video, high-speed data, and voice package that its says will provide significant savings to the company's customers.
Under the leadership of Chairman and CEO Brooks, the company will also look to grow through strategic acquisitions.
"This acquisition provides a strong base for the NuLink strategy," said Brooks. "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 has over 24 years of cable broadband experience. He previously served as executive vice president 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, a provider of competitive telecommunications services across the United States. He began his career at Cencom Cable Associates, a St. Louis-based cable MSO with over 550,000 subscribers in 16 states.
"We look forward to partnering with John Brooks and believe his experienced leadership will contribute to the company's continued success. NuLink has achieved a local market leadership position and is well positioned for further growth," stated Michael Furey, a principal at Halyard.
Bruce Eatroff, partner at Halyard, added: "Halyard has been seeking an investment in a fully upgraded cable system in a high growth market and we are excited to be acquiring the cable assets of Newnan Utilities. We will continue to invest in the company's infrastructure to deliver a premium customer experience."
Halyard Capital received legal counsel from Hogan & Hartson LLP. CIT Lending Services Corporation, Newstar Financial and Wells Fargo Foothill provided financing for the transaction.
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