London-based fund manager STAR Capital Partners has acquired German cable operator Pepcom for an undisclosed sum.
London-based fund manager STAR Capital Partners has acquired German cable operator Pepcom.
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.’
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 was held by Pepcom’s senior management and individual shareholders.
Jeffrey Montgomery, managing partner of GMT, says: ‘We are delighted with this exit, which will help Pepcom accelerate its plans for future growth.’
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 12 bolt-on acquisitions.
Pepcom is STAR’s sixth German acquisition and follows the 2008 purchase of the nursing home operator Alloheim Senioren-Residenzen.