Private equity firm M/C Partners announced the completion of its sale of Baja Broadband to Telephone and Data Systems Inc in a transaction worth USD 267.5 million. Baja Broadband is M/C Partners' portfolio firm based in Alamogordo, New Mexico. It is a company that provides cable, high-speed Internet, and voice services in communities in the states of Colorado, New Mexico, Texas, and Utah.
M/C Partners acquired Baja Broadband in 2006. Since then it has invested a total of USD 27.2 million in the company. M/C Partners invests in firms in the media, information technology, and communications sectors. In the last four years, Baja Broadband's annual growth earnings before interest, taxes, depreciation and amortization (EBITDA) was 22%.
M/C Partners Vice President Lydia Jett said that the transaction validated their premise that demand for broadband services has continued to grow. "We are proud of the tremendous job the Baja management did in positioning the company for this moment, and are pleased that TDS is acquiring Baja. We are confident TDS will serve the communities and Baja's employees well in the long term," she said in a press release.
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