NEW YORK, May 1, PRNewswire-FirstCall -- Avista Capital Partners today completed its acquisition of cable operator WideOpenWest ("WOW!" or the "Company") from Oak Hill Capital Partners and ABRY Partners. Terms of the transaction were not disclosed.
WOW! is a fully integrated provider of cable television, high speed internet and digital telephony services reaching over 1.4 million households in Illinois, Indiana, Michigan, and Ohio. The existing management team will continue to operate the company. David Burgstahler, a partner of Avista Capital Partners, said, "We are very excited to be partnering with WideOpenWest. We are confident in the continued growth of the cable industry and consider WOW! a perfect strategic fit for Avista. WOW!'s performance has been exceptional, and we believe that the company is well-positioned to capitalize on opportunities for additional growth. We look forward to working with the management team to provide the compelling customer offerings and great customer service for which WOW! is well known."
Colleen Abdoulah, president and chief executive officer of WOW! said, "We have enjoyed a very successful and collaborative partnership with Oak Hill and ABRY. We are also pleased to be teaming up with Avista to continue to grow our outstanding business. This transaction will be a transparent but very positive development for our customers and employees, as we remain committed to delivering and improving upon our array of quality services at a great value, backed by award-winning customer service."
WOW! was formed by Oak Hill, ABRY and management in November 1999 to pursue opportunities in the cable industry. In 2001, the Company acquired substantially all of its cable operations by purchasing Ameritech New Media from SBC Communications.
J. Crandall, managing partner of Oak Hill Capital Partners, said, "WOW! has performed exceedingly well, which is a testament to the quality of its people and the outstanding service that they provide to their customers. During the period of Oak Hill and ABRY's ownership, WOW! implemented several marketing, operational and strategic improvements which resulted in industry-leading operating and financial performance.
Our investment in WOW! builds upon our strong track record in the media and telecommunications sector. This successful investment is representative of our investment approach of formulating unique investment themes and partnering with world-class management."