Driving change with senior level leadership
Triple Play Company – Securing Venture Capital to Complete Network Build
An early-stage, fast growth, facilities-based broadband communications Triple Play provider (cable, high speed Internet access & telephone) built its fiber network to provide bundled services to significantly increase its customer base. The capital intensive strategy required partnering with the local electrical utilities in order to fund bundled data, voice and video services to residential and business customers.
Our executive was appointed Chief Executive Officer based on his vision and aggressive plan of action. There were several challenges, including raising a significant amount of equity, building out the fiber network and expanding services to additional markets. Also present were the inherited status quo concerns, including defaulted covenants, unfunded network construction and poor customer service.
Our CEO successfully:
- Led the company from early stage construction to positive EBITDA operations.
- Raised in excess of $100 million in private equity commitments to fund operations and expansion.
- Repaid over $20 million in debts, assuring that all debt holders were repaid 100% with initial equity tranche.
- Expanded into three new Midwestern markets by obtaining competitive cable franchises.
- Completed build-out of first competitive broadband network in US.
- Added 22,000 new customers with significant household penetration in key services of cable, telephone and high-speed Internet access .
- Created a more customer-oriented culture throughout company which reduced the call center average answer time from 7.5 minutes to 32 seconds and the abandon rate from 89% to 3.8%.
Our CEO’s substantial fund-raising efforts contributed to the final building and completion of the network. The company was recently sold to an out-of-state broadband provider.
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