National rural broadband provider, based in Las Vegas.
Suffering losses and with minimal management in place, the private equity group owner chose to divest the assets in an accelerated sale. A variety of factors led the ownership to believe that it couldn’t achieve the typical multiples of recurring monthly revenue or number of subscribers. A large number of tower leases had to be quickly assigned, among other logistical challenges.
Equity Partners quickly completed an extensive marketing process generating significant interest in the company. The process allowed bidders to bid on logical geographic regions, or on the entirety. Competition and a persistent sale effort overcame the initial low bidding and management was able to focus its efforts on the lease assignments while Equity Partners dealt with bidders.
Eight offers were received. Ultimately, an offer for substantially the entire network was selected and after a transition period, closing occurred.