FOR IMMEDIATE RELEASE
Media Contact: Nick Benedick
St. Louis-based CountryWide Broadband, Inc. completes acquisition of ITV-3
ST. LOUIS, Nov. 14, 2016 /PRNewswire/ -- CountryWide Broadband (CWB) today announced that iTV-3, LLC, a company wholly-owned by CWB and Seaport Capital of New York, has acquired the assets of ITV-3, Inc. that provide fiber-to-the-premises network service to communities in and around Peoria, Illinois. iTV-3 LLC will operate as i3 Broadband going forward.
CWB ensured the continued expansion of iTV-3, even prior to completing the acquisition, by working with ITV-3, Inc. to extend its network into 10 new neighborhoods in the Peoria market over the past few months. iTV-3 LLC/i3 plans to continue an aggressive expansion of the system, both in terms of customers and through the construction of additional fiber optic infrastructure in the greater Peoria area.
"We're extremely excited about our acquisition of ITV-3 and delighted that all current ITV-3 staff will remain in their positions," noted Grier Raclin, president and chief executive officer of CountryWide. "We'll be investing millions of dollars to aggressively grow our all-fiber network to extend gigabit broadband services to new areas in and around Peoria."
In addition to providing the fastest internet speeds and high-quality telephone services, iTV-3/i3 will introduce new consumer-focused service packages. "The television packages we're developing will be very consumer-friendly. As an example, we'll soon be offering a 'skinny' video package, which provides a streamlined video entertainment option for a lower cost," Raclin added. "Consumers are tired of having to pay for channels they don't need or want in order to have access to the channels they desire. We plan to offer services and packages that meet the demands of our customers."
RBC Capital Markets served as the exclusive merger and acquisition advisor to iTV-3, Inc. in connection with this transaction.
About CountryWide Broadband, Inc.
CountryWide Broadband, Inc. (CWB) is a broadband acquisition and management firm headed by a management team with broad expertise in the fiber-optic, cable and telephone industries. The CWB executive team has almost 100 years of experience in telecommunications, having served as senior executives for Charter Communications, Williams Communications, Fidelity Communications and Global TeleSystems of London, England. Headquartered in St. Louis, Missouri, CWB plans to acquire, consolidate and grow additional broadband properties in markets throughout the United States. www.cwbinc.net
About Seaport Capital
Seaport Capital is a New York City-based private equity firm that invests in recurring revenue companies operating in the communications, information and business services sectors. Previous Seaport portfolio companies in the Cable industry include Everest Communications, Marianas Cablevision, Otelco and Metrocast Cablevision. www.seaportcapital.com
About iTV-3 Inc.
iTV-3 Inc. is a subsidiary of Highland Ventures, Ltd., the Illinois-based family-owned parent company of Family Video, Hoogland Foods (dba Marco’s Pizza), Stay Fit 24, Digital Doc and Legacy Commercial Properties. Highland Ventures owns and operates over 920 retail locations and has developed more than 650 retail strip centers under its commercial properties division across the United States and Canada. It has been in the Internet Service Provider business for more than 20 years, and has provided fiber-based services since 2009. For more information, visit www.iTV-3.com.