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ABRY Partners and Oak Hill Capital Partners Complete the Sale of WideOpenWest
NEW YORK (May 1, 2006) - ABRY Partners and Oak Hill Capital Partners
today completed the sale of cable operator WideOpenWest (“WOW!”) to
Avista Capital Partners.
WOW! is a fully integrated, competitive
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.
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."
WOW! was formed by ABRY, Oak Hill 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.
Jay
Grossman, managing partner of ABRY Partners, added, "we have thoroughly
enjoyed our successful partnership with the WideOpenWest management
team and believe that they will continue to lead the industry with
best-in-class customer service and generate outstanding growth in the
future."
Based in Boston, Massachusetts, ABRY Partners
specializes as a financing partner for the media and communication
industries and enjoys a position as one of the most experienced and
successful media-focused private equity investment firms in North
America. Since 1989, ABRY has completed over $18 billion of leveraged
transactions and other private equity and mezzanine investments,
representing investments in more than 450 media properties. Extensive
and long-standing relationships with many different stakeholders in the
media and finance businesses allow ABRY to contribute significant value
to operating partners and portfolio companies.