New York. NY . October 31, 2005 - MidOcean Partners, a New York and London-based private equity firm and its partner, Crestview Partners, a New York-based private equity firm, announced today that they have completed the previously-announced acquisition of the San Juan Puerto Rico area cable operations, a joint venture between Adelphia Communications Corporation (OTC: ADELQ) and ML Media Partners. L.P.
The system serves approximately 138,000 customers in the greater San Juan area. As an independent entity managed by locally-based management, the company will continue its focus on improving service in ways that benefit its customers and the community. As part of the new ownership commitment to build the business, a new name and branding initiative will be forthcoming.
Tyler Zachem. a Managing Director at MidOcean Partners, said “We are excited to have this process behind us and look forward to working with management and the employees to provide new and enhanced products and services for our customers and to create value for our investors.”
Cable industry veteran and Crestview Managing Director Jeffrey Marcus said, “Cable television is a core competency for us and we believe that this is a unique asset with opportunities for significant growth. We are excited about the prospects for this company.”
Ron Dorchester, CEO of the newly independent cable company, said, “This is a great company, with a solid platform and dedicated employees. We believe that managing this asset locally will result in improved and expanded cable services and programming for customers in the San Juan area.”
‘We are grateful for the work of our employees in Puerto Rico and believe this sale provides the best solution for them, their customers and the parties to this transaction,” said Bill Schleyer, chairman and CEO of Adelphia. “The new owners are skilled managers with cable industry knowledge, and that bodes well for the San Juan area cable system.”
Since September 30. 2002, the joint venture between Adelphia and ML Media Partners that owns and operates the Puerto Rico system has been under Chapter 11 bankruptcy protection.
Also co-investing with MidOcean Partners and Crestview Partners are Alplnvest and Northwestern Mutual, two investors from MidOcean’s fund. ML Media was advised by Greg Ainsworth of Daniels & Co. and MidOcean and Crestview were advised by Townsend Devereux and Joe Duggan of DH Capital. Adelphia was advised by Lazard.
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About Crestview
Crestview Partners is a $1.4 billion private equity fund founded in 2004 by a group of former Goldman Sachs partners and colleagues who had served in leadership roles in the firm’s private equity business and senior management. Crestview’s founding partners have invested nearly $6 billion in a wide range of industries in North America and Europe, including media, healthcare, building products, chemicals, and real estate-related. The firm can invest in equity or debt, public or private, U.S. or international, and control or non-control investments.
About Adelphia
Adelphia Communications Corporation is the fifth largest cable television company in the country. It serves customers in 31 states and offers analog and digital video services, high-speed Internet access and other advanced services over Adelphia’s broadband networks.
About ML Media Partners, L.P.
ML Media Partners is a public limited partnership raised in 1986 to acquire, finance, hold, develop, improve, maintain, operate, lease, sell, exchange, dispose of and otherwise invest in and deal with media businesses end direct and indirect interests therein. ML Media Partners made direct operating investments in seven cable television systems, eleven radio stations and two network affiliated television stations. ML Media has liquidated all of its holdings with the exception of the cable properties in Puerto Rico.
About MidOcean Partners
MidOcean Partners is a premier New York-based alternative asset manager that specializes in middle market private equity and alternative credit investments. Since its inception in 2003, MidOcean Private Equity has managed over $4.5 billion of committed capital and has targeted investments in high-quality middle market companies in the consumer and business services sectors. MidOcean Credit Partners was launched in 2009 and manages approximately $8 billion across a series of alternative credit strategies, collateralized loan obligations (CLOs), and customized separately managed accounts as of November 30, 2018
MidOcean Media Relations Contacts
Nathaniel Garnick/Amanda Klein
Gasthalter & Co.
212-257-4170
midocean@gasthalter.com
MidOcean Investor Relations Contact
MidOcean Partners
IR@midoceanpartners.com