New Company Will Be Top 20 Cable MSO
(Sept. 3, 2003) - Atlantic Broadband LLC, formed by ABRY Partners,
David J. Keefe and Edward T. Holleran, Jr., has announced that it will
acquire cable systems representing 235,000 subscribers from Charter
The systems include operations based in Miami
Beach, FL, Altoona and Johnstown, PA, Uniontown, PA and Cumberland, MD
as well as clusters in Middletown, DE and Queen Anne's County MD.
Several properties are also located in West Virginia and New York State.
systems are comprised of three operating clusters: Miami Beach which
serves approximately 51,000 subscribers, Western Pennsylvania which
serves approximately 161,000 subscribers and Maryland-Delaware which
serves approximately 23,000 subscribers. Approximately 79% of the homes
in the clusters are passed by two-way active plant and over 70% of the
homes are passed by plant upgraded to 750 MHz or higher bandwidth.
ABRY Partners, based in Boston Massachusetts, is one of the oldest
and largest private equity funds in North America investing exclusively
in the media and communications industries. ABRY has over $2.0 billion
of capital under management and since 1989 has completed over $7.0
billion of leveraged transactions in the media and communications
industries. ABRY was the principal investor in Avalon Cable which was
sold in 1999 and is currently an investor with Oak Hill Capital
Partners LP in WideOpenWest, the 14th largest cable operator in the
ABRY partner Jay Grossman commented, "We are delighted with the
opportunity to acquire cable systems with significant upside potential
and are fortunate to be partners with Dave and Ed. They bring a wealth
of experience and a depth of knowledge that will be invaluable as we
operate and grow these properties. We have enormous confidence in them
and in the potential presented by this purchase." He noted that the
systems, which are largely rebuilt, provide a strong network platform
from which Atlantic can continue to capitalize on the growth of
high-speed data and digital video services.
CEO, has more than thirty years in the cable television industry and
was part of the founding group of American Cablesystems. Keefe has
built and managed cable systems in the United States, Asia, Europe and
South America. Keefe said, "Ed and I are extremely excited about this
opportunity and we are very fortunate to have such a strong equity
partner in ABRY." Keefe described one of Atlantic's top priorities to
include the upgrade of the Maryland-Delaware cluster, which will enable
the company to offer high-speed data in those systems.
Atlantic's President and COO, began his career in cable when he joined
American Cablesystems in 1982 as General Manager of its Arlington,
Massachusetts system. He enjoyed a number of progressively responsible
senior management positions with American and later withContinental
Cablevision and MediaOne. As Vice President of High Speed Data
Services, he led Continental and MediaOne's launch of high-speed
Internet services, first in the New England region and then nationally.
Holleran has consulted to a number of media and telecommunications
The Charter acquisition is an asset purchase valued at
$765 million. When completed, Atlantic Broadband will rank as the
nation's 16th largest cable operator. In addition to ABRY, equity
financing was provided by its long-term cable investment partner, Oak
Hill Capital Partners LP, as well as other minority equity investors.