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6.30.1999
Great Hill Partners Commits $30 Million To Duro Communications, Inc
Boston, Mass., June 30, 1999 - Great Hill Equity Partners recently sponsored the formation of DURO Communications, Inc. DURO was created to pursue the consolidation and operation of Internet Service Providers in the southeastern United States. More specifically, the Company's strategy is to establish three platforms - one each in Florida, North Carolina and Tennessee - from which to base future acquisition activity. The Company is capitalized with $50 million of debt and $40 million of equity, of which Great Hill Partners committed $30 million. To date, the Company has acquired twelve (12) ISPs with a total of 86,000 customers and $22.4 million in annualized revenue. Further, the Company has under letter of intent two (2) ISPs, which it expects to close within the next month. These two acquisitions represent an aggregate of 25,000 customers and $3.8 million in annualized revenue. "The growth potential for DURO is remarkable, and we are extremely confident in the management team's ability to rapidly execute their business plan," said John Hayes, Managing Partner, Great Hill Partners.
About Great Hill Partners:
Great Hill Equity Partners, a Boston-based private equity firm, is one of the leading private investors in the telecommunications sector, having managed investments in all segments of the telecommunications industry including wireless telephony, competitive local exchange companies, telecom services, and ISP/Internet Data Services. Great Hill Partners also specialize in providing equity financing and strategic guidance to companies in the Media, Information, and Business Service sectors. The firm has closed on, and has begun investing, Great Hill Equity Partners Limited Partnership, a $330 million private equity fund.
About DURO Communications, Inc:
DURO is a leading provider of a full range of Internet Data Services focusing on II-IV Tier markets in the Southeastern United States. Employing a rapidly deployed consolidation and integration strategy, DURO plans to provide these underserved markets with all of their Internet Data Service needs. Targeting both the residential and business communities, the Company intends to be the dominant Internet Service Provider in the Southeast. The senior management of the Company presently consists of John Stanley as Chairman and Peter Hopper as the Chief Executive Officer.
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