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For Immediate Release
BIA Digital Partners Invests in Allegiance Communications
CHANTILLY, VA. - June 21, 2005 - BIA Digital Partners, a private equity firm providing junior capital to middle-market companies in the media and telecommunication industries, is pleased to announce they have closed a $5.5 million subordinated debt investment in Allegiance Communications, LLC. Based in Tyler, Texas and managed by Buford Media, Allegiance is a rural cable MSO providing video and high-speed data services to subscribers in Oklahoma, Kansas, Missouri, and Texas. The Wicks Group of Companies, LLC, a leading media-focused private equity fund located in New York, NY, is the lead investor in Allegiance. New York Life also joined in this investment round, providing a $5.5 million investment.
Allegiance is led by Chief Executive Officer (CEO) Ben Hooks, a seasoned executive who has been involved with building successful cable television companies for the past 25 years, and Chief Operating Officer (COO) Kay Monigold. Mr. Hooks stated, "We are pleased to have BIA Digital Partners as a financial partner and look forward to working with them in executing our growth plans. This capital will support us in the upgrade of existing cable plants and will allow Allegiance to offer enhanced digital services to rural communities. The investment will speed the delivery of Internet and other cutting edge communications services to geographic areas that have been neglected to date."
Lloyd Sams, a Principal with BIA Digital Partners, commented, "Allegiance is a strong operation that is poised to benefit from new revenue streams as it rolls out its broadband network to lower density markets. At several points in my career, I have backed the Buford team and respect their acumen and integrity. Ben is a leader in the cable television sector. We are also pleased to partner with Wicks, which has an excellent track record in media and communications investments."