SJI, LLC Announces Acquisition by Boston Ventures
Larose, Louisiana - - August 28, 2007 - - SJI, LLC, a private telecommunications provider serving southern Louisiana, announced today that it had reached a definitive agreement to be acquired by Boston Ventures. Boston Ventures, a private equity firm focused on the media and communications industries, will acquire the company from the Pat Brady family. The Brady family has owned the company since 1945. The transaction is expected to close following customary regulatory approvals. Financial terms were not disclosed.
Pat Brady, Chairman of SJI, said, “Boston Ventures is an excellent partner to continue the legacy of innovation and customer service that my father, John Brady, Sr. began when he founded the company in 1945. We are extremely proud of what we have accomplished within SJI over the years. The new owners bring a combination of industry expertise and resources that position the company well for the future.” RBC Daniels advised SJI on the transaction.
Following the close of the transaction, Boston Ventures will appoint Rich Gerstemeier as CEO of SJI. Mr. Gerstemeier is a seasoned executive with over 30 years experience in the communications industry. SJI’s current senior management, Tony Duet, James Callahan and Peter Louviere, will continue to be integral members of the senior management team, and the company will remain headquartered in Larose, Louisiana. Mr. Gerstemeier said "SJI has a longstanding commitment of excellence to its customers, communities and employees, and today's agreement supports that tradition. I look forward to working closely with the SJI team to continue to develop the company into a premier telecommunications provider with superior customer service."
Lou Bertocci, a partner at Boston Ventures, commented, “SJI has built a very high quality infrastructure which is uniquely positioned to provide a full range of advanced communications products and services to its customers. Our investment will build on the company’s efforts to provide its customers the most technologically advanced communication services available today.” Boston Ventures has been an active investor in the communications sectors for nearly 25 years, and has made over a dozen cable television and communications-related investments.
About SJI, LLC
SJI, LLC is a diversified telecommunications provider that offers a full suite of products and services to residential and business customers in southern Louisiana. Its service offerings include, but are not limited to, landline telephone, cable television, internet, cable broadband, DSL, and web design. Its primary operating subsidiaries are Latelco, Vision Communications and SJI Networks. The SJI companies were established in 1945 and have been owned by the Brady Family since that time. For more information, please visit www.sjillc.com.
About Boston Ventures
Founded in 1983, Boston Ventures is one of the oldest and most experienced media and communications focused private equity firms in North America. Since inception, the firm has invested nearly $2.5 billion in over 70 companies. The firm targets investments in the media, information and publishing, entertainment, and communications industries. SJI will be the fifth investment from Boston Ventures Limited Partnership VII, the firm’s latest investment fund. For more information, please visit www.bostonventures.com.