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FREMONT, CA: American Broadband Holding Company, a leading provider of broadband access in rural markets across the United States, announced that it has entered into a definitive agreement to be acquired by investment funds affiliated with Madison Dearborn Partners, LLC, a leading private equity firm based in Chicago, and Catania ABC Partners, a private company founded by industry executive Rich Parisi. American Broadband was advised in the process by Seaport Global Securities.
"This is an exciting moment for our company and an investment partnership that we believe will propel American Broadband's future success," said Jane Eudy, Founder, and Chairman of the Board of American Broadband. "In Rich and MDP, we have found the right industry experts and investment partners with both extensive telecommunications experience and a clear desire to invest in the future growth of our network. I am tremendously proud of the business we've built and look forward to witnessing the bright future ahead for our company."
Succeeding Ms. Eudy, Mr. Parisi, who served as a member of American Broadband's Board of Directors for many years, will assume the Chief Executive Officer's role once all necessary regulatory approvals are obtained, and the transaction closes. The company's remaining senior team members will continue to lead the business in their current capacities.
"Jane and her team have built an industry leader with ample room for growth," said Zaid Alsikafi, Managing Director and Head of Telecom, Media & Technology Services at MDP. "We are thrilled to partner with American Broadband as ABB explores new opportunities for market expansion and accelerates investment in the company's existing network. In partnership with Rich, we look forward to driving continued growth for American Broadband over the long term and enhancing rural broadband access for customers nationwide."
"I am thrilled to expand my working relationship with American Broadband, as we embark on the company's next phase of growth," added Rich Parisi of Catania. "The company's team is the best in the business, and with the financial support and industry expertise of MDP, the company is ideally positioned to ensure best-in-class service for existing customers as we pursue expansion into additional rural markets."
Completion of MDP's and Catania's investment in American Broadband, which is expected to occur in the second quarter of 2021, is subject to federal and state regulatory approvals and the satisfaction of other customary closing conditions.
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