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 buying NTS Communications"). "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."
Vast previously had sold a pair of systems to Schurz Communications in 2017 (see "Schurz Buys 2 Vast Broadband Systems in IA, SD").