London-based investment fund iCON Infrastructure Partners IV (iCON IV) has entered into an agreement to acquire regional telecom company TruVista, a 4 June press release states.
The TruVista acquisition represents iCON Infrastructure’s first foray into the telecom sector. Up until now, iCON’s investments have mostly consisted of power and energy in Europe and North America, Inframation Deals data show.
Financial terms of the transaction went undisclosed.
Headquartered in Chester, South Carolina, TruVista offers internet, video, voice, security and wireless services to residential and small business customers in parts of South Carolina and Georgia.
Under iCON’s ownership, executives will focus on expanding the company’s fiber footprint as well as assessing inorganic growth opportunities, according to a source close the situation.
Thanks to market dynamics and evolving technologies, many publicly traded telecom and cable companies have reported higher churn rates for video and voice while growth areas have been fiber and mobile.
As part of the transaction, TruVista’s C-suite is looking to make a “financial investment in the business,” yet the press release offered no other details. President and CEO Brian Singleton will continue in his current role.
Stifel Financial served as financial advisor to TruVista.
The transaction is expected to reach close by the end of 2019.
The head of iCON’s North America branch since 2017 is Michael Smerdon, formerly of Capstone Infrastructure Corporation, according to the company’s website.