Hilton Head Island, South Carolina — May 16, 2017 — Hargray Communications Group, Inc. (“Hargray”) announced today the closing of its previously announced acquisition by Tom Pritzker Family Business Interests advised by The Pritzker Organization (“TPO”), Redwood Capital Investments, Stephens Capital Partners, and management. The transaction had been expected to close during the third quarter but closed sooner due to earlier-than-expected receipt of necessary approvals.

“Although it will take some time, we are undertaking a review of all elements of our business to remake how we serve our customers. Our goal is to deliver world-class service to all of our customers, all of the time.”

Michael Gottdenker, Hargray’s Chairman & CEO, said, “Since announcing the transaction in early March, we have been humbled by the expressions of support we have received from our customers, colleagues, and partners. Our new owners will provide a permanent capital base that will enable us to continue to make significant investments in our existing network, enter additional markets, further enhance our products and services, and devote more energy to pursue our mission to envision and deliver customer delight.”

“Our industry has a well-earned reputation for less-than-optimal customer service,” said Gottdenker. “Although it will take some time, we are undertaking a review of all elements of our business to remake how we serve our customers. Our goal is to deliver world-class service to all of our customers, all of the time.”

Credit Suisse, SunTrust Robinson Humphrey, Inc., and Antares Holdings provided debt financing and acted as lead arrangers and bookrunning managers. Credit Suisse is serving as administrative agent. Davis Polk & Wardwell LLP served as legal advisor to Hargray, and Latham & Watkins served as legal advisor to TPO. McNally Capital sourced the transaction for TPO and advised the buyer, who was also advised by BDT & Company.

Terms of the transaction were not disclosed.

Press Release