FBR Capital Markets & Co. Acts as Exclusive Financial Advisor to Vast Broadband in its Sale of Communications Assets
July 11 2017 - 4:30PM
FBR Capital Markets & Co. (“FBR”), a full-service independent
investment bank and a wholly-owned subsidiary of B. Riley
Financial, Inc. (NASDAQ:RILY), served as the exclusive financial
advisor to Clarity Telecom, LLC, doing business as Vast Broadband,
in connection with the sale of certain cable television, fiber
network and other communications assets.
Vast Broadband is a provider of video, data and voice services
to residential and commercial businesses in South Dakota, Minnesota
and Iowa. FBR assisted in structuring and negotiating the
transaction on behalf of Vast Broadband. The FBR deal team was
led by Michael McHugh, a Managing Director that specializes in the
media and communications industries.
"We are delighted to have worked with Schurz and Long Lines to
divest several properties and fiber assets that better fit their
operation,” said Jim Gleason, CEO of Vast Broadband. “Mike McHugh
at FBR helped tremendously in introducing us to the buyer and
working through the process of getting the sale consummated. The
entire process was seamless and smooth.”
About Vast Broadband
Vast Broadband is a broadband communications company focused on
providing Internet, cable television and telephone services to
mid-sized communities. Vast Broadband acquired the assets of WOW!
Internet, Cable and Phone in South Dakota, Minnesota and Iowa and
serves more than 56,000 customers. Vast Broadband was founded
by Jim Gleason, Keith Davidson and Larry Eby and is backed by
Pamlico Capital of Charlotte, North Carolina.
About FBR FBR
provides investment banking, M&A advisory, institutional
brokerage, and research services with focused capital and financial
expertise in consumer; energy & natural resources; financial
institutions; healthcare; insurance; industrials; real estate; and
technology, media & telecom industries.
B. Riley Financial, Inc. is a publicly traded, diversified
financial services company which takes a collaborative approach to
the capital raising and financial advisory needs of public and
private companies and high net worth individuals. The Company
operates through several wholly-owned subsidiaries,
including B. Riley & Co.,
LLC (www.brileyco.com), FBR Capital Markets & Co.
(www.fbr.com), Wunderlich Securities
(www.wunderlichonline.com), Great American Group,
LLC (www.greatamerican.com), and B. Riley Capital
Management, LLC (which includes B. Riley Asset Management
(www.brileyam.com), B. Riley Wealth Management
(www.brileywealth.com), and Great American Capital Partners, LLC
(www.gacapitalpartners.com). The Company also makes
proprietary investments in other businesses, such as the
acquisition of United Online, Inc. (www.untd.com)
in July 2016, where B. Riley Financial, Inc. is
uniquely positioned to leverage its expertise and assets in order
to maximize value.
Media Contact:
Michael McHugh
Phone: (703) 312-9634
Email: mmchugh@fbr.com
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