ORLANDO, Fla., Aug. 18, 2019 /PRNewswire/ — Grain Management, LLC (“Grain”), a leading Washington, D.C.-based private equity firm focused on the global communications sector, announced today that it has entered into a definitive agreement to acquire from Cable Bahamas Ltd. (“CBL Group”) a majority interest in Summit Vista, Inc., dba Summit Broadband (“Summit”), a fiber-optics telecommunications provider in Florida.
“Summit has an impressive history of serving businesses across multiple industries and residential customers in central and southwest Florida communities,” said David Grain, Founder and CEO of Grain Management. “As a global investor in the industry, Grain is poised to partner with Summit in advancing its position as a leading fiber-optic telecommunications provider, and aid in the expansion of these services in an increasingly smart and connected world.”
President and CEO of CBL Group, Franklyn Butler, said “CBL Group has undergone tremendous growth over the last six years and the performance of Summit has proved significant in contributing to these results. I wish to personally thank the management and staff at Summit for their contribution to CBL Group performance over the years and wish them well in this next exciting phase of their growth.”
The sale process was conducted by RBC Capital Markets through its Denver and New York based offices and is expected to close in the fourth quarter of 2019. The transaction is subject to usual and customary closing conditions and regulatory approvals. TD Securities served as financial advisor to Grain in the transaction, Alston & Bird LLP served as legal counsel, and the Direct Lending team at Deutsche Bank provided committed debt financing for the transaction.