In an announcement today by GTCR, it disclosed its acquisition of NewWave Communications from Pamlico Capital. The deal was completed through its earlier established partnership with Rural Broadbrand Investments. Rural Broadband Investments was formed back in 2012 when GTCR partnered with Phil Spencer for the purpose of acquiring assets and broadband infrastructure within small and middle sized districts. With the expertise of RBI in cable, NewWave will continue to supply modern and fast broadband, voice and video services to its cable subscribers.

"GTCR have been evaluating numerous opportunities within the cable industry," according to GTCR Managing Director Phil Canfield.

He added, "We were very fortunate to have former FCC Chairman Reed Hundt working with us as we developed our investment thesis and sourced the team. The NewWave acquisition is an exciting opportunity and the ideal starting point from which to build our investment in the industry. We look to build a leading cable platform through increasing high-speed data penetration, growth in commercial services and accretive acquisitions."