The Gores Group and Cobridge Communications Announce Acquisition of Cable Systems from Charter
October 22, 2010
The Gores Group, a leading Los Angeles based private equity firm, today announced that its affiliate Cobridge Communications ... (“Cobridge”) has acquired certain cable systems from Charter Communications. Financial terms of the transaction were not disclosed.
Cobridge, which will operate the systems acquired from Charter, provides telecommunications services, including advanced Digital Cable, HDTV, High-Speed Internet and Digital Telephone services, to residential and commercial customers, primarily in the Southeastern United States. Cobridge serves approximately 65,000 customers across seven states.
“We are very excited about this transaction,” said Steve Yager, Senior Managing Director of The Gores Group. “We have been actively investing in the telecommunications and media space and this transaction gives us another entry into this industry.” Cobridge CEO and industry veteran Scott Widham, stated, “We are thrilled about working with The Gores Group to bring these cable systems the latest technology and best possible service. Gores is known for investing in the businesses it acquires and we look forward to putting their capital and our combined operations expertise to work as we endeavor to create a platform to acquire additional cable systems.”
Cobridge has already undertaken a detailed assessment of the cable systems to determine timing to upgrade the systems and provide advanced broadband services such as Digital Cable and High-Definition TV, High-Speed Internet and Digital Telephone service to additional homes. Commenting on Cobridge’s potential for growth and improvements, Yager, stated, “We anticipate that Cobridge will rapidly upgrade the infrastructure to more broadly provide advanced broadband services such as advanced Digital Cable, High-Definition TV, High-Speed Internet and Digital Telephone across their footprint. Cobridge also plans to offer many of these customers a full-range of triple-play services, including a strong High-Definition TV lineup, for the first time.”
About Cobridge Communications
Cobridge Communications, an affiliate of The Gores Group, LLC, provides competitive telecommunications services including state-of-the-art video, high-speed data, telephony, and business class services. Cobridge operates in markets primarily located in the Southeastern United States. For more information, please visit www.cobridge.net.
About The Gores Group, LLC
The Gores Group LLC is a private equity firm focused on acquiring controlling interests in mature and growing businesses which can benefit from the firm's operating experience and flexible capital base. The firm combines the operational expertise and detailed due diligence capabilities of a strategic buyer with the seasoned M&A team of a traditional financial buyer. The Gores Group, LLC, which was founded in 1987 by Alec E. Gores, has become a leading investor having demonstrated over time a reliable track record of creating substantial value in its portfolio companies alongside management. The firm's current private equity fund has committed equity capital of $2.9 billion. Headquartered in Los Angeles, The Gores Group, LLC maintains offices in Boulder, CO, and London.
For more information, please visit www.gores.com
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For The Gores Group, LLC
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