EnTouch’s newowner nowhas a newowner
Six weeks after enTouch Systems was acquired, the Houstonbased cable TV/internet provider’s new owner will be snatched up in an $8.1 billion deal.
Stonepeak Infrastructure Partners of New York City signed an agreement Sunday to acquire the group of small cable and internet providers that now goes by the name of Astound Broadband and serves more than 1 million customers with 23,000miles of fiberoptic cable on the East and West coasts and in Texas.
On Sept. 22, enTouch was acquired for an undisclosed sum by Astound, a group of cable providers managed by Patriot Media Group and owned by TPG, a private equity firm. The providers include Grande Communications of Texas; RCN, which serves Chicago and parts of the Northeast; and Wave Broadband, which has ser
vice in California, Oregon and Washington.
EnTouch serves businesses and residences in Cypress, Katy, Missouri City, Spring and Sugar Land in theHouston area with cableTV, broadband internet, voice and home-security products. Founded in 1996, it has about 100 employees.
Stonepeak is acquiring Astound from TPG, and Patriot Media will continue to manage the companies.
“We have created a market leading broadband platform with national reach, broad capabilities and expertise, and exciting growth potential,” Astound Chief Executive Jim Holanda said in a statement. “We are very eager and excited to partner with a premier investor such as Stonepeak to further accelerate our growth and take our companies to new levels of customer satisfaction and performance. We also want to thank TPG for their great
support and partnership over the past four years.”
Stonepeak is acquiring Astound for $3.6 billion in cash and will assume $4.5 billion in debt, the Wall Street Journal reported. An Astound spokesperson said this is the biggest cable acquisition deal in the past five years.
Stonepeak, whose in
vestments focus on energy and internet infrastructure, is no stranger to Houstonbased companies. According to the portfolio listing on its website, Stonepeak has investments in Plains All American, Targa Resources, Phillips 66 Partners and Sanchez Midstream Partners.
A spokesperson said en
Touch and the other regional providers will retain their names and leadership, and a planned expansion of services means staff likely will grow.