Internet America, Inc. Has Been Acquired by JAB Broadband
HOUSTON, July 23, 2015 - GulfStar Group ("GulfStar") is pleased to announce the acquisition of Internet America, Inc. ("Internet America" or the "Company") by AirCanopy Internet Services, Inc., a subsidiary of JAB Broadband ("JAB"). GulfStar served as the exclusive financial advisor to Internet America throughout the transaction, which closed on June 15, 2015.
Internet America (OTC: GEEK) is a leading wireless Internet service provider ("WISP") focused on providing high-speed broadband Internet and related services to subscribers in areas not covered by traditional Internet service providers. The Company is headquartered in Houston, Texas and offers a product suite that includes wireless Internet, specialized e-mail, DSL Internet, dial-up Internet, Internet fax, and other various ancillary products totaling approximately 27,000 subscriber services in Texas, Missouri and Oklahoma.
"We are pleased to have closed a transaction with JAB that delivers excellent value to our shareholders and ensures continued quality service to our customers," said Billy Ladin, CEO of Internet America. "We very much appreciate GulfStar's efforts and tenacity throughout the process."
JAB is the nation's largest fixed wireless broadband service provider and the U.S. leader in providing high-speed wireless Internet and digital phone service to rural and suburban areas. JAB's coverage includes the Rocky Mountain, Midwest and Southwest regions, serving nearly 200,000 residential and commercial accounts across 15 states.
The GulfStar team included Managing Director Steve Lasher, Managing Director Bryan Frederickson and Managing Director Roshan Gummattira. "We are very pleased with the outcome of this transaction," said Lasher. "We feel the transaction delivered excellent value to Internet America's shareholders. This acquisition allows JAB to further increase its growth trajectory with the expansion of its broadband footprint and product offerings."
About GulfStar Group
GulfStar is a leading middle market investment bank headquartered in Houston. GulfStar specializes in providing merger and acquisition advisory services, institutional private placements of equity and debt, and general corporate finance advisory services to companies with revenues or enterprise values generally ranging from $25 million to $350 million. Since its formation in 1990, GulfStar has completed approximately 630 transactions in 32 states and 11 foreign countries across a variety of industries.
Securities offered through GulfStar Group I, Ltd. an affiliated entity, member FINRA - SIPC.