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TMCNet:  Wave Acquires CPI, Extending Wave's Broadband Fiber Network, Renews CPI Pact with City of Port Angeles

[March 12, 2014]

Wave Acquires CPI, Extending Wave's Broadband Fiber Network, Renews CPI Pact with City of Port Angeles

KIRKLAND, Wash. --(Business Wire)--

WaveDivision Holdings (www.wavebroadband.com), a business-class fiber optic and broadband services company with business and residential customers in Washington, Oregon, and California, today announced that it has acquired Capacity Provisioning Incorporated (CPI), effective immediately. Based in Port Angeles, WA, CPI is the largest privately owned fiber-based metro Ethernet provider on the Olympic Peninsula, focused on serving businesses and government entities in Port Angeles, Sequim and surrounding areas.

CPI owns an extensive network of fiber optic cable in and around Port Angeles, stretching from the west side of Port Angeles to the east end of Sequim, 22 miles away. This is the 16th acquisition in Wave's 11-year history and follows two similar fiber acquisition deals: Wave's purchases of Bellingham-based Black Rock and Seattle-based Spectrum (News - Alert) Networks (and its CondoInternet subsidiary), both completed in 2013.

The transaction will not impact CPI customers or employees, with all services continuing without interruption. Wave will retain all CPI employees, with CPI's business-focused services complementing the residential broadband services Wave has provided to area consumers for more than a decade. CPI's previous owners are in a consulting relationship with Wave through the business transition process. Since its founding in 2003, Wave has provided the Port Angeles and Sequim area with residential broadband services and recently expanded to more markets on the Olympic Peninsula, including Port Townsend, Port Hadlock, and Port Ludlow.

According to Wave CEOSteve Weed, Wave and CPI have also extended a longstanding agreement between CPI and the City of Port Angeles through September 2024 as part of this transaction. Initially signed in 2002, this agreement provided for the design and implementation of an interconnecting fiber optic ring encircling Port Angeles to deliver high-speed fiber optic point-to-point connections and Internet service to the City of Port Angeles and area businesses. Other CPI customers include Clallam County, Olympic Medical Center, the Port Angeles School System, Peninsula College and several other area organizations.


"This transaction adds considerable fiber assets, a strong base of local government and business customers, and most importantly great employees who've built and delivered an outstanding service experience for the customer," said Steve Weed, Wave CEO. "We are excited to be working with the CPI team and can now focus on providing best-in-class broadband products and service to both residential and business customers throughout the Olympic Peninsula."

"Since inception, our company philosophy and the foundation for CPI's success has been to support our local communities by building partnerships with area businesses and with regional government entities," said Craig Johnson (News - Alert), VP of CPI. "We are very pleased to be joining forces with Wave, as they not only understand this vision but have already taken steps, such as the renewed agreement with the City of Port Angeles, to ensure that we continue building on it together."

Wave, a provider of video, Internet and phone services to more than 420,000 residential and commercial customers, raised more than $1 billion in funding to support the company's continued growth in late 2012. Formed in 2003 by CEO Steve Weed, Wave has established a reputation for high-quality service, growing both organically and by network expansion and acquisitions.

About Wave Division Holdings

WaveDivision Holdings, LLC is a cable and broadband services company providing advanced cable TV, true high-speed Internet and phone services to more than 420,000 residential and business customers in the communities, and surrounding suburbs, of the Seattle, Portland, San Francisco and Sacramento markets. Wave is headquartered in Kirkland, Washington. Owned and operated by local industry leaders, Wave supports its customers with decades of cable know-how. Serving customers under two retail brand names; Wave Broadband in the Seattle, Portland and Sacramento DMAs, and Astound in the San Francisco DMA - the company's mission is to provide all customers with the latest technologies and upgrades. Wave was recently recognized by CableFAX Magazine with the prestigious Independent Cable Operator of the Year award. Wave also debuted on PC Magazine's 2012 list of Top 10 Fastest ISPs in the nation. The company's Business Solutions division delivers redundant fiber rings that serve local governments and businesses of all sizes, including well-known Fortune 100 companies and brands, with major fiber hubs in West Coast markets. For more information about WaveDivision Holdings, visit www.wavebroadband.com or www.astound.net.


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