Private Equity firm GTCR is evaluating numerous opportunities within the cable industry. The company recently signed a definitive agreement to acquire NewWave Communications from Pamlico Capital.

NewWave Communications is a provider of cable television, high speed Internet, and digital telephone service. GTCR is planning to complete this acquisition through its previously established partnership with Rural Broadband Investments.

With RBI’s extensive cable experience, NewWave will continue to provide state of the art high-speed broadband, video and voice services to its cable footprint.

“The NewWave acquisition is an exciting opportunity and the ideal starting point from which to build our investment in the industry. We look to build a leading cable platform through increasing high-speed data penetration, growth in commercial services and accretive acquisitions," Phil Canfield, managing director at GTCR said in a statement.

GTCR also clarified that its investment in NewWave will be made from GTCR Fund X, a private equity fund with $3.25 billion of committed capital.

 “The acquisition of NewWave Communications is a great first step and provides us with an excellent platform to build upon,” Phil Spencer, chief executive officer at Rural Broadband Investments stated.

GTCR and Mr. Spencer formed RBI in 2012 with the purpose of acquiring broadband infrastructure assets in small and mid-sized communities. This is the first in a series of acquisitions being pursued by RBI, which plans to acquire 300,000-400,000 cable subscribers in small-to-mid sized rural markets to deliver a breadth of services to residential and commercial customers.

NewWave is the 22nd largest MSO in the country passing approximately 250,000 homes and serving over 90,000 customers in rural Illinois, Indiana, Missouri and Arkansas.

NewWave is said to have moved to DOCSIS 3.0 and has focused in constructing fiber to tie its markets together. These efforts have given the company an outstanding platform to roll out enhanced video, voice and high-speed Internet services as well as advanced commercial services. In addition, NewWave is also said to have a good employee base that the company is planning to continue to build on the great work they have done over the last several years.

GTCR recently acquired Correctional Healthcare Companies (CHC). CHC is a leading outsourced healthcare provider to correctional facilities.