WWA Group buys Summit Digital
Growing cable company serves parts of Crawford, Spencer and Warrick counties in SW Indiana
WWA Group, Inc. announced earlier this week that it has acquired all of the issued and outstanding shares of Summit Digital, a Michigan-based multi-system operator providing cable TV, broadband internet, voice telephony, wireless internet and related service to a rapidly expanding base of rural, semirural, and gated communities in the Midwest, including portions of Crawford, Spencer and Warrick counties in Southwestern Indiana.
“Operating as a public company is an essential part of our business plan,” explained Summit Digital CEO Tom Nix. “Summit grows by acquiring underutilized rural and semi-rural cable systems and upgrading them to provide service equivalent to their urban counterparts. As part of a public corporation we will have the ability to include equity transactions in our acquisition strategy, allowing us to accelerate acquisitions and growth.”
The closing of the acquisition also calls for new officers and directors. Tom Nix has been appointed as a director and CEO, replacing Eric Montandon, and Stephen Spencer has been appointed as a director and CFO, replacing Digamber Naswa. Mr. Montandon will retain his seat on the Board of Directors.
“Owners and investors in the systems we acquire see the potential in upgraded services, but in many cases lack the financing or expertise to make the most of what they have,” continued Nix. “They understand the advantages of consolidation and the real value of being acquired by a public company.”
Michigan-based Summit Digital acquires wireless internet providers and underutilized rural and semi-rural cable systems, many of them providing only TV service, and upgrades them to provide the full "triple play" packages of TV, Broadband Internet, and voice telephony that dominate the urban cable market, increasing per-subscriber revenue and attracting new subscribers within the existing system footprint. Summit Digital builds value by acquiring systems at valuations based on their limited existing revenues and upgrading them to their full potential.
Summit Digital acquired the systems it currently owns in the Tri-State from NewWave Communications last year. In addition to its operations here, the company also serves customers in parts of Michigan and Oklahoma.