Sale expected to be completed in the fourth quarter of 2019
ORLANDO, FLORIDA — Grain Management, LLC, a private equity firm focused on the global communications sector based in Washinton D.C. announced yesterday that it has entered into a definitive agreement to acquire from Cable Bahamas Ltd. a majority interest in Summit Vista, trading under Summit Broadband — a fiber-optics telecommunications provider in Florida.
“Summit has an impressive history of serving businesses across multiple industries and residential customers in central and southwest Florida communities,” Grain Management Founder and CEO David Grain said.
“As a global investor in the industry, Grain is poised to partner with Summit in advancing its position as a leading fiber-optic telecommunications provider, and aid in the expansion of these services in an increasingly smart and connected world.”
CBL Group President and CEO Franklyn Butler, said “CBL Group has undergone tremendous growth over the last six years and the performance of Summit has proved significant in contributing to these results. I wish to personally thank the management and staff at Summit for their contribution to CBL Group performance over the years and wish them well in this next exciting phase of their growth.”
The sale process was conducted by RBC Capital Markets through its Denver and New York based offices.
The sale is expected to close in the fourth quarter of 2019, according to reports.
Summit Broadband provides voice, video, data and high-speed internet services to residential and commercial customers, as well as Ethernet and dark-fiber transport to enterprise and carrier customers.