Quadrangle to Buy Regional Telco Hargray

IPTV pioneer Hargray Communications Group, which serves southeastern South Carolina and northeastern Georgia, said Monday it will be acquired by Quadrangle Group LLC, a private equity fund, for an unspecified sum.

Top management of the company, which has been in business for 60 years, decided the transaction “will directly benefit Hargray’s customers and employees by helping to finance future growth as our service areas continue to expand,” said current COO Bob LaBonté. “The Hargray management team is very excited to work with our new partners, who have clearly demonstrated to us that they understand both the nature of our business as well as the communities we serve.”

South Carolina-based Hargray’s operations include traditional telephone carrier services, as well as cable television, wireless telephone, Internet services and a telephone directory publishing operation. It has more than 400 employees.

The company has also been aggressive in the evolution of its network. It signed a deal with Ciena Corp. in December for a large infusion of the supplier’s DWDM technology. (LINK- http://www.xchangemag.com/articles/539/6ch11949247031.html)

Quadrangle has already made long-term investments in local telco and cable operators. It has more than $5 billion in assets under management.

Quadrangle will appoint G. Thomas Reed as CEO of Hargray at the close of the deal. Reed is a longtime resident of Hilton Head and Low Country in South Carolina and is currently CEO of Morningstar Management Inc., a local investment banking advisory firm. Hargray’s current COO Bob LaBonté will continue to be an integral member of the senior management team, and the company's headquarters will remain in Hilton Head.

Hargray Communications Group www.hargray.com  

Quadrangle Group LLC www.quadranglegroup.com

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