Minority stake holder Cable One Inc – which previously held a near 15% share of the company – confirmed this week that it would buy the remaining stake in Hargray Communications from an investor group led by majority shareholder The Pritzker Organization (TPO) and including Stephens Capital Partners, Redwood Capital Investments, and WaveDivision Capital.
Cable One president and CEO Julie Laulis (pictured), said: “Our acquisition of Hargray reflects a continuation of our commitment to provide rural America with reliable high-speed internet service.
“It has been a pleasure to work with Hargray’s investor group led by TPO. Hargray’s regional focus, local values, and ongoing investment in technological advancements and customer care are strikingly like our own. We are excited to welcome our new Hargray colleagues as we work together to achieve future growth and continue to build upon Hargray’s commitment to customer delight.”
TPO first invested in Hargray in 2017, allowing it to embark on what it described as a "multi-pronged investment strategy to enhance its network and product offerings to be the highest quality broadband provider in each of its markets".
As a result, over the past four years Hargray has nearly doubled its customer base, including delivering enhanced broadband service to underserved markets, and achieved several other critical milestones, including the split of business units to focus on incumbent and emerging markets; and network investments worth $300 million.
Broadband communications provider Hargray was founded in the Lowcountry region of South Carolina, and provides services to 125,000 customers in small cities and large towns throughout South Carolina, Georgia, Alabama, and northern Florida. It has invested significantly to construct fibre-optic broadband networks and to acquire and upgrade smaller providers.
Cable One said its "purpose" is to continue the service provision and later bring "even more advanced services to residents and businesses in Hargray’s communities".
