Pritzker Organization to acquire Hargray

Hargray Communications Group, Inc. and The Pritzker Organization, L.L.C. (“TPO”) said that the Tom Pritzker Family Business Interests (“PFBI”) advised by TPO, along with Redwood Capital Investments, Stephens Capital Partners, and management have agreed to acquire Hargray in an all-cash transaction.

Terms of the transaction were not disclosed. The transaction is expected to close in the third calendar quarter.

Hargray is the premier broadband communications and entertainment provider to the Lowcountry region of South Carolina and a growing set of communities throughout Georgia. Over the last ten years, the company has invested over USD 250m to create an industry leading communications network that includes 2,000 route miles of fiber and serves over 65,000 customers.

Credit Suisse, SunTrust Robinson Humphrey, Inc., and Antares Holdings are providing debt financing and acting as lead arrangers and bookrunning managers. Credit Suisse will serve as administrative agent. Davis Polk & Wardwell LLP served as legal advisor to Hargray, Latham & Watkins LLP served as legal advisor to TPO and the PFBI, and Cahill Gordon & Reindel LLP served as legal advisor to the lenders. McNally Capital sourced the transaction for TPO and advised the buyer, who was also advised by BDT & company.

Founded in 1949, Hargray is a regional telecommunications company providing advanced Internet, television, and telephone communications services in a growing set of markets in South Carolina and Georgia.

The Pritzker Organization is the merchant bank for the business interests of the Tom Pritzker family.