1001 Brickell Bay Drive
Miami, FL 33131
H.I.G. Capital Announces Sale of Cable Express to Dycom Industries
MIAMI - October 17, 2006 - H.I.G. Capital, a leading private equity firm based in Miami, Florida, announced today that it has completed the sale of Cable Express Holding Company ("Cable Express") to Dycom Industries, Inc. (NYSE:DY). Dycom Industries, based in Palm Beach Gardens, Florida, is a leading provider of specialty contracting services throughout the United States. The purchase price was $63 million, including debt assumption.
Cable Express, based in Columbus, Ohio, is a leading provider of outsourced residential installation services to the cable television industry. The Company’s highly trained team of technicians offers a full range of in-home fulfillment services ranging from connection and disconnection of basic video services to the provisioning of the latest advanced technologies such as Voice over Internet Protocol (VoIP), High Speed Data (HSP), digital video/Video on Demand (VOD), high definition television and Digital Video Recorders (DVRs). The Company operates under the brand names Cable Express, Broadband Express, and Midtown Express.
H.I.G. Capital acquired Cable Express in 2000, and the Company’s revenues and profits have more than doubled during H.I.G.’s ownership. Doug Berman, a Managing Director at H.I.G. Capital, commented "We are very proud of what the Cable Express management team has accomplished. Through outstanding execution and a high level of commitment to customer service, the Cable Express management team and the entire organization were able to successfully navigate the turbulence in the telecommunications markets, and achieve record profitability in 2006. Driven by this outstanding performance, Cable Express has generated a very solid return for H.I.G. and its investors."
About H.I.G. Capital
H.I.G. Capital LLC ("H.I.G.") is a leading private equity and venture capital investment firm with more than $3 billion of equity capital under management. Based in Miami, and with offices in Atlanta, Boston, and San Francisco, H.I.G. specializes in providing capital to small and medium-sized companies with attractive growth potential. H.I.G. invests in management-led buyouts and recapitalizations of profitable and well managed manufacturing or service businesses. H.I.G. also has extensive experience with financial restructurings and operational turnarounds. Since its founding, H.I.G. has completed in excess of 70 transactions. The firm currently manages a portfolio of more than 40 companies with combined revenues in excess of $5 billion. For more information, please refer to the H.I.G. website at http://www.higcapital.com.