Regional carrier Hargray Communications has agreed to be sold to an investment group led by the Tom Pritzker Family Business Interests. Redwood Capital Investments and Stephens Capital Partners are also participating in the all-cash transaction.
Hargray Communications operates a regional network, headquartered in South Carolina, and serves Hilton Head Island, among other markets. They operate a 4,000 route-mile fiber network across 1,100 square miles in the ‘Low Country’ region of the southeast, providing triple play, business, and wholesale services. Hargray serves approximately 65K residential and business customers and has 400 employees.
Hargray had been a family owned business for many decades but was sold to Quadrangle Capital Partners in 2007. In November 2015, Hargray acquired Plantation Cablevision, an incumbent cable provider based in neighboring Georgia.
“We are looking forward to partnering with The Pritzker Organization, Redwood Capital Investments, and Stephens Capital Partners,” said Michael Gottdenker, Hargray’s CEO in a press release, “This transaction will mark a new era for our organization, returning us to family ownership following ten great years with Quadrangle Capital Partners.”
Gottdenker said Hargray’s existing management team will remain in place following the closing of the transaction, which is scheduled for 3Q 2017. Terms of the transaction were not disclosed.