2017 News Releases

Investment Group Led by The Pritzker Organization to Acquire Hargray

HILTON HEAD ISLAND, SC & CHICAGO, IL – March 7, 2017 – Hargray Communications Group, Inc. (“Hargray”) and The Pritzker Organization, L.L.C. (“TPO”) announced today that the Tom Pritzker Family Business Interests (“PFBI”) advised by TPO, along with Redwood Capital Investments, Stephens Capital Partners, and management have agreed to acquire Hargray in an all-cash transaction.

Hargray is the premier broadband communications and entertainment provider to the Lowcountry region of South Carolina and a growing set of communities throughout Georgia.  Over the last ten years, the company has invested over $250 million to create an industry leading communications network that includes 2,000 route miles of fiber and serves over 65,000 customers.

Michael Gottdenker, Hargray’s Chairman & CEO, said, “We are looking forward to partnering with The Pritzker Organization, Redwood Capital Investments, and Stephens Capital Partners.  This transaction will mark a new era for our organization, returning us to family ownership following ten great years with Quadrangle Capital Partners.  While our current management team will continue to manage the company following the transaction, our new owners will provide a permanent capital base from which we will be able to continue to invest in our network, enhance our products and services, and pursue our mission to envision and deliver customer delight.  This transaction is great news for our customers, our colleagues, and the communities we serve.”

Tom Pritzker, Chairman and CEO of The Pritzker Organization, said, “Hargray has an exceptional team and a proven track record of delivering value to its customers.  We are delighted to have the opportunity to participate in and support the growth of the business over the long term. Throughout our history, we have looked for great companies and partnered with strong management teams to build durable businesses for the future.”

Credit Suisse, SunTrust Robinson Humphrey, Inc., and Antares Holdings are providing debt financing and acting as lead arrangers and bookrunning managers.  Credit Suisse will serve as administrative agent.  Davis Polk & Wardwell LLP served as legal advisor to Hargray, Latham & Watkins LLP served as legal advisor to TPO and the PFBI, and Cahill Gordon & Reindel LLP served as legal advisor to the lenders.  McNally Capital sourced the transaction for TPO and advised the buyer, who was also advised by BDT & Company.

Terms of the transaction were not disclosed.  The transaction is expected to close in the third calendar quarter.

About Hargray Communications Group, Inc.

Founded in 1949, Hargray is a regional telecommunications company providing advanced Internet, television, and telephone communications services in a growing set of markets in South Carolina and Georgia.  Hargray is committed to delivering the most advanced technology and the best service for its customers in Beaufort, Jasper, and Hampton counties in South Carolina, and Bibb, Bulloch, Chatham, Greene, Houston, Liberty, Lowndes, Putnam, and Tattnall counties in Georgia.  Hargray is active in the communities it serves and supports a wide range of local charities, organizations, projects and events, including the company’s Caring Coins Foundation which has raised more than $2 million for community organizations.  For more information, please visit www.hargray.com.

About The Pritzker Organization, L.L.C.

The Pritzker Organization is the merchant bank for the business interests of the Tom Pritzker family.  TPO is focused on partnering with exceptional leaders to create value across a wide range of industries. TPO looks for opportunities where it can create value for PFBI and its partners and stakeholders over a long-term time horizon.  For more than 60 years, TPO has overseen and guided the development of dozens of portfolio companies across a wide variety of industries, including manufacturing, logistics, life sciences, hospitality, healthcare and services.  Notable businesses include Hyatt Hotels, Triton Container and the Marmon Group.  Recent control investments include TMS International and Lithko Contracting.  In addition to its core strategy of building long-term businesses, TPO is also active in special situations, advising PFBI in the deployment of capital across a wide spectrum of industries and across every tier of the balance sheet, from senior debt to equity.  Additional information can be found at www.tpo.org.

About Redwood Capital Investments

Redwood Capital Investments is the private investment company for Jim Davis, a co-founder of Allegis Group.  Redwood’s primary strategy is to become long-term partners with private business owners and management teams.  Redwood has a concentrated portfolio of direct investments in operating companies across diverse industries including senior living, transportation, distribution, infrastructure and real estate, and consumer services.  Redwood focuses on maintaining the legacy and principles of its businesses and helping build the foundations for future growth over a long-term horizon.  Select investments include Erickson Living, Tradepoint Atlantic, Premier Trailer Leasing and Thompson Gas.  Additional information can be found at www.redcapinv.com.

About Stephens Capital Partners

Stephens Capital Partners LLC (“SCP”) is the principal investing arm of the Warren A. Stephens family and Stephens Inc.  SCP identifies opportunities to work with industry-leading management teams with a long-term perspective.  SCP provides public and private companies with capital for purposes of growth, recapitalization, and leveraged buyouts.

Stephens Inc. is a full service investment banking firm headquartered in Little Rock, Arkansas serving a broad client base of corporations, state and local governments, financial institutions, institutional and individual investors throughout the United States and overseas.  The firm is a member of the New York Stock Exchange and SIPC.  For more information, see www.stephens.com.

Hargray to Provide Macon-Area Businesses with Advanced Fiber Network

Superior digital infrastructure aims to spur economic development by retaining and attracting businesses

Macon, GA, March 2, 2018 — Businesses in Macon, GA, are about to get a much-needed boost. Hargray Communications announced that it will begin extending its fiber-based network and high-speed data, IP voice, and video services into the Macon area for business customers to meet the booming needs of internet-based commerce.

Hargray, which is headquartered in Hilton Head Island, SC, serves several Georgia markets already, including Savannah, Statesboro, Hinesville, Richmond Hill, and Lake Oconee, and recently announced its entry into Valdosta.

“We are very particular about the markets we choose to invest in, and we believe Macon is an ideal partner,” Hargray Chairman and CEO Michael Gottdenker said. “Our state-of-the-art fiber optic network will provide the speed and reliability Macon businesses need to navigate and thrive in the evolving digital economy.”

Earl Barrs, a long-time resident, landowner, and developer in Macon, is particularly excited about the impact Hargray’s presence will have in Macon.

“Having Hargray here with their fiber network is going to be a win for the community, both residents and businesses,” Barrs said. “It gives people another reason to want to stay here, to move here, educate their children here, start businesses here, take jobs here, and invest here. Having that technology gives Macon an edge it has never had before.”

Macon-area business owners will be able to receive higher speeds and more reliable connectivity to the Internet, including speeds of 1 Gigabit-per-second and beyond, as well as data storage, back-up, and continuity services. Services will be available starting late spring.

More information is available on www.hargray.com/lp/macon.

About Hargray Communications Group, Inc.

Founded in 1949, Hargray is a regional telecommunications company providing advanced Internet, television, and telephone communications services in a growing set of markets in South Carolina and Georgia.  Hargray is committed to delivering the most advanced technology and the best service for its customers in Beaufort, Jasper, and Hampton counties in South Carolina, and Bibb, Bulloch, Chatham, Greene, Houston, Liberty, Lowndes, Putnam, and Tattnall counties in Georgia . Hargray is active in the communities it serves and supports a wide range of local charities, organizations, projects and events, including the company’s Caring Coins Foundation which has raised more than $2 million for community organizations. For more information, please visit www.hargray.com.

Hargray Promotes Pair to Director Positions

Hilton Head Island, SC, January 24, 2017 — Hargray Communications recently announced the promotion of two veteran colleagues to director-level positions within the company. Jason Carnes was named the director of planned development relations and sales, while April Cooler was promoted to director of residential sales.

“Jason and April both have shown impressive growth and ability to lead during their time with Hargray,” Senior Vice President of Sales and Business Development, Chris McCorkendale said. “They both will be integral in the success of Hargray going forward as we look to build on strong, personal relationships we have with our business and residential customers.”

Carnes most recently held the title of senior sales manager. In this new role, Carnes is responsible for residential and commercial sales in all of Hargray’s neighborhoods and planned developments, including multi-dwelling unit sales in South Carolina and Georgia. Carnes brings significant experience and a track record of success to this role, having been a strategic account executive and senior sales manager in several of our existing and new metro-fiber markets.

Most recently serving as a senior residential sales manager, Cooler will now be responsible for Hargray’s call center sales, retail sales and residential direct sales functions. She brings a strong background in sales and customer service, including a long history of experience and solid results in residential sales, support and retail operations during her 18 years of service at Hargray.

april-cooler-boardroom1   jason-carnes-boardroom

About Hargray Communications Group, Inc.

Founded in 1949, Hargray is a regional telecommunications company providing advanced Internet, television, and telephone communications services in a growing set of markets in South Carolina and Georgia.  Hargray is committed to delivering the most advanced technology and the best service for its customers in Beaufort, Jasper, and Hampton counties in South Carolina, and Bibb, Bulloch, Chatham, Greene, Houston, Liberty, Lowndes, Putnam, and Tattnall counties in Georgia. Hargray is active in the communities it serves and supports a wide range of local charities, organizations, projects and events, including the company’s Caring Coins Foundation which has raised more than $2 million for community organizations. For more information, please visit www.hargray.com.

 

Hargray Communications Promotes Gwynne Lastinger to VP of Customer Operations

Hilton Head Island, S.C., January 5, 2017 — Hargray Communications recently announced the promotion of Gwynne Lastinger to the role of vice president of customer operations. In this role, Lastinger will be responsible for all customer-facing operations functions including customer care and field operations. Lastinger has been with Hargray since 2001, starting as a customer service representative. Since then, she has received six promotions, leading to her most recent role as director of OSP engineering.

“More impressive than the myriad positions that Gwynne has held is the manner in which she has performed,” said Hargray Chairman and CEO Michael Gottdenker. “She is the epitome of a detail-oriented, disciplined, hands-on, results-oriented manager.”

After having worked for a year as an administrative assistant for a home builder on Hilton Head Island, Lastinger joined Hargray in 2001 as a customer service representative. Two years later, she progressed to plant coordinator and two years after that to lead plant coordinator where she led a team of 15 plant coordinators. In 2007, she was promoted to service center supervisor, and eighteen months later earned another promotion to plant center manager. Two years later, Lastinger was promoted again to director of operations where she oversaw a team of 62 technicians and 40 service center and technical assistant center representatives. In 2015, she received another promotion to director of outside plant engineering.

“Those who know Gwynne know that she insists on being fully prepared and that she believes that no detail is too small,” Gottdenker said. “We are lucky to have her on our team, and our customers will be the true beneficiaries of her talents.”

gwynne-lastinger-1

About Hargray Communications Group, Inc.

Founded in 1949, Hargray is a regional telecommunications company providing advanced Internet, television, and telephone communications services in a growing set of markets in South Carolina and Georgia.  Hargray is committed to delivering the most advanced technology and the best service for its customers in Beaufort, Jasper, and Hampton counties in South Carolina, and Bibb, Bulloch, Chatham, Greene, Houston, Liberty, Lowndes, Putnam, and Tattnall counties in Georgia. Hargray is active in the communities it serves and supports a wide range of local charities, organizations, projects and events, including the company’s Caring Coins Foundation which has raised more than $2 million for community organizations. For more information, please visit www.hargray.com.