STAR Capital Partners has acquired the German cable operator Pepcom.
STAR Capital Partners has acquired the German cable operator Pepcom.
The company was bought from the private equity firms GMT Communications Partners and Veronis Suhler Stevenson for an undisclosed sum.
GMT and VSS held equal stakes in Pepcom amounting to 81 per cent of the company. The remaining 19 per cent is held by Pepcom’s senior management and individual shareholders.
Founded in 2001, Pepcom provides cable television, phone and broadband services to around 630,000 subscribers. The German company was set up as a platform for consolidating the German cable TV market and has made a total of twelve bolt-on acquisitions.
London-based STAR is an investment fund manager with over €1 billion (£800 million) of equity under management. Pepcom is STAR’s sixth German acquisition and follows the 2008 purchase of the nursing home operator Alloheim Senioren-Residenzen.
Stephen Wright, a partner at STAR, comments: ‘STAR is acquiring a business with a long-term contract base and resilient strategic cable network assets, making this an ideal investment for the STAR fund. The growth opportunities, developing tailored next generation cable and broadband solutions for housing associations, require further capital which STAR is well placed to provide.’
Jeffrey Montgomery, managing partner of GMT, says: ‘We are delighted with this exit, which will help Pepcom accelerate its plans for future growth. Pepcom is a great example of the investment opportunities available to investors with strong industry sector experience.’
