Chicago-based private equity firm GTCR said it has partnered with two former Rural Broadband Investments executives to form Mega Broadband Investments to build a broadband services company both through organic growth and by purchasing other providers across the country.
GTCR was an investor in RBI, which purchased New Wave Communications in 2013. The company was sold in May to Cable One for about $735 million.
Mega Broadband Investments will be headquartered in Leawood, Kans., and will include former RBI CEO Phil Spencer and its former chief financial officer Rod Siemers. According to a press release, Spencer and Siemers also made substantial personal investments in the company.
"We are very excited to once again partner with Phil and Rod," said GTCR Managing Director Phil Canfield in a statement. "As a result of our prior partnership with them, we have tremendous respect for their strategic vision and operational abilities. Their command and knowledge of the cable industry make them ideal partners as GTCR commits to another platform in the broadband industry."
Prior to RBI, Spencer was the CEO of Windjammer Communications and from 2001 to 2008, he served in leadership positions at Everest Connections, a Kansas City cable system. Prior to RBI, Siemers worked with Spencer at Windjammer and Everest as CFO of both companies.
"I am thrilled about the opportunity to work with GTCR for a second time," Spencer said in a statement. "GTCR was an ideal partner to RBI, providing exceptional leadership during company formation, enabling growth and helping to successfully execute our strategy. I look forward to this next partnership with GTCR to build Mega Broadband Investments into a leading broadband provider."
