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Transaction Reports WestStar TV Ltd
Bison Capital Partners IV, LP acquires WestStar T.V. Limited.
WestStar is the leading provider of cable television services to pay-TV subscribers in the Cayman Islands and is a minority owner in Bermuda Cablevision Limited, Bermuda’s primary cable television system and internet provider. Bison Capital’s investment was made in partnership with Robert Taylor, a seasoned telecom industry executive and entrepreneur who is also assuming the position of Chief Executive Officer of WestStar.
Also investing in the transaction are Bison Capital limited partners, Thrivent Financial for Lutherans and TIAA. The investment proceeds were used to acquire WestStar and to provide capital to complete the company’s build-out of a Fiber-To- The-Home (“FTTH”) network in the Cayman Islands.
“Bison Capital is very excited to be partnering with such an experienced and capable executive as Bob Taylor in acquiring a great company in WestStar. We believe the opportunity to grow the company’s capabilities and provide outstanding products and services to the people of the Cayman Islands will provide tremendous benefits for both our investors and the company’s customers” said Peter Macdonald, a Partner at Bison Capital.
WestStar CEO Bob Taylor commented, “WestStar is an extremely well run operation and it is exciting to have the opportunity to build on that
strong foundation to lead the telecommunications revolution in the Cayman Islands. Our FTTH network is changing the way people connect with each other while creating new opportunities for growth in the Caymans.”
Bison Capital is a Los Angeles and New York based firm that makes growth capital investments in middle-market companies, public or private, for expansion, acquisitions and balance sheet recapitalizations. The firm’s primary investment focus is partnering with entrepreneurs and management teams seeking capital to grow their businesses.
Solomon Harris acted for the corporate purchaser of WestStar. The Solomon Harris team assisted with planning and implementing the Cayman corporate acquisition structure with its multi-tiered financing and handled all Cayman law aspects on behalf of the corporate purchaser, working closely with Niehaus & Associates, Ltd. and Sheppard Mullin Richter & Hampton LLP, US counsel.
Kay Carter (Senior Associate), led the transaction, assisted by Paul Scrivener (Partner), Ian Jamieson (Associate Partner) and Stefanie Suckoo (Junior Associate).
Woodcocks and Haworth and Nuttall
Woodcocks and Haworth and Nuttall have merged
Haworth and Nuttall, which dates back to 1877, has offices in Blackburn, Accrington, and Great Harwood, while Woodcocks, which can trace its roots back to 1791, has a long-established presence in Bury and Rossendale.
The new set-up will have 105 staff, and a projected turnover of £5million, and Woodcocks senior partner David McCann will take on the overall role of senior partner Haworth and Nuttall senior partner David McCraith said: “There are a number of synergies between the two firms. Both have been built on the back of the first-class professional service we provide. We will have greater depth across all offices, with specialist solicitors undertaking the work. At the same time we both bring key differences – in geographical spread, some services and experience – which, taken together, means this move makes perfect sense.”
“Indeed a development like this has been part of our respective business strategies.”
Mr McCann said: “This merger represents a real step forward for both businesses, and our respective clients. It will strengthen our core businesses and widen our geographical footprint. The reality is that both firms will be stronger as a result of this merger. Both Woodcocks and Haworth and Nuttall are well-respected names, with excellent reputations and pedigree in the region, and we are determined to ensure the newly-merged business builds on those strong foundations. The beauty of this merger is that we dovetail so neatly. It will enable us to provide comprehensive cover for both individuals and businesses from Bury through to Blackburn, taking in Rossendale, Accrington and Great Harwood. From a geographical point of view, therefore, it means that the area we will be able to cover is significantly increased.”
Woodcocks and
Haworth and Nuttall have merged
Debt provider:
Bison Capital Partners IV, LP
acquires WestStar T.V. Limited. Legal advisors included:
Financial due diligence and tax advice to Woodcocks:
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These announcements appears as a matter of record only