Schurz Buys Orbitel7/02/2012 8:34 AM Eastern
Schurz Communications said it has completed a cash-for-stock transaction to acquire the assets of Orbitel Communications, a small operator with about 10,000 customers in Maricopa, Ariz., from MCG Capital Corp.
Terms of the deal were not disclosed.
Schurz, based in South Bend, Ind., has three other systems in Coral Springs, Fla., Hagerstown, Md., and Sun Lakes, Ariz., with about 90,000 customers. Schurz also publishes 11 daily and eight weekly newspapers, and operates 10 television stations in seven markets and thirteen radio stations in three markets. Geographically, the company has a presence in Alaska, Arizona, California, Florida, Georgia, Indiana, Kansas, Kentucky, Maryland, Michigan, Missouri, Pennsylvania, South Dakota, and Virginia.
"We are confident we will be able to build on Orbitel's legacy of superior service to expand our services and the relationship with our customers," Schurz CEO Todd Schurz said in a statement.
RBC Capital Markets served as exclusive financial advisor to Orbitel Communications, and MCG Capital for the transaction. Waller Capital Partners, LLC advised Schurz Communications in the transaction.