Vast Broadband, which serves subscribers in South Dakota and Minnesota, says it has agreed to an acquisition offer from investment firm GI Partners in partnership with industry veteran Rich Fish, who will become CEO. Terms of the deal were not disclosed, nor was the expected closing date.
Pamlico Capital and Oak Hill Capital currently own Vast Broadband, which is based in Sioux Falls, SD. Vast offers triple-play services to more than 60,000 residential and business customers in the two states. The company made an acquisition of its own in January 2019 when it bought NTS Communications (see “Vast Broadband to acquire NTS Communications and gain funding”). "We are very pleased to have reached an agreement with Rich Fish and the GI Partners team,” commented Jim Gleason, soon to be former CEO of Vast Broadband. “We have had tremendous success during our tenure and we are delighted that our team in South Dakota and Minnesota will have the opportunity to continue to grow in the communities we serve."
"Vast is committed to providing its customers with access to the most reliable, high-speed broadband connectivity available," said Fish. "As a native of the Great Plains, I am thrilled to partner with the local employees at Vast to bring high-quality internet connectivity to my home region."
GI Partners will pay for the Vast assets via the GI Data Infrastructure Fund. "Fast, reliable, and fairly priced broadband service is critical to business, education, and so many aspects of our daily lives," added Mark Prybutok, managing director of GI Partners. "We support Vast Broadband's vision to be an essential contributor to thriving communities across the Northern Plains."
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Stephen Hardy | Editorial Director and Associate Publisher, Lightwave
Stephen Hardy is editorial director and associate publisher of Lightwave and Broadband Technology Report, part of the Lighting & Technology Group at Endeavor Business Media. Stephen is responsible for establishing and executing editorial strategy across the both brands’ websites, email newsletters, events, and other information products. He has covered the fiber-optics space for more than 20 years, and communications and technology for more than 35 years. During his tenure, Lightwave has received awards from Folio: and the American Society of Business Press Editors (ASBPE) for editorial excellence. Prior to joining Lightwave in 1997, Stephen worked for Telecommunications magazine and the Journal of Electronic Defense.
Stephen has moderated panels at numerous events, including the Optica Executive Forum, ECOC, and SCTE Cable-Tec Expo. He also is program director for the Lightwave Innovation Reviews and the Diamond Technology Reviews.
He has written numerous articles in all aspects of optical communications and fiber-optic networks, including fiber to the home (FTTH), PON, optical components, DWDM, fiber cables, packet optical transport, optical transceivers, lasers, fiber optic testing, and more.
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