Press Releases
Posted May 3, 2017

Connectivity Source Has Completed a Senior Debt Financing with Texas Capital Bank and Acquired 37 Retail Locations from United Cellular

Consumer Products & Services
Transaction Type
Raising Capital,
Buy-Side Advisory
Houston, Texas

HOUSTON, May 3, 2017 — GulfStar Group (“GulfStar”) is pleased to announce that Connectivity Source (or the “Company”) has completed a Senior Debt financing with Texas Capital Bank, N.A. and has acquired 37 Sprint retail locations from United Cellular, Inc. GulfStar served as the exclusive financial and strategic advisor to Connectivity Source throughout the transaction, which closed on April 28, 2017.

Connectivity Source was founded in 1999 and is a leading retailer of wireless communication services, equipment, and related accessories for Sprint. From its founding, Connectivity Source has grown to become one of the largest Sprint Preferred Retailers in the country by overall system store count. The Company currently operates 146 locations across Arkansas, Arizona, Louisiana, North Carolina, Oklahoma, South Carolina and Texas.

“We are very pleased with the outcome of this transaction, as the acquisition of the locations from United Cellular enables Connectivity Source to more efficiently utilize our existing operational resources in currently served geographies and add new territories in the Southeast with compelling prospects for future growth,” said Scott Aronstein, president of Connectivity Source. “I would like to recognize the GulfStar team for their deep conviction in the quality of our business, and their unwavering commitment to identify and execute the transaction that provided maximum operational flexibility for the business.”

The GulfStar transaction team consisted of Managing Directors Scott Winship and Alan Blackburn along with Associate Aaron Pyle.

“Connectivity Source has established its position as a consolidator in the Sprint dealer system,” said Scott Winship, managing director at GulfStar. “Having completed 12 acquisitions since its formation in 1999, the Company has more than proven its ability to identify attractive growth opportunities, and seamlessly integrate them by leveraging a very complete corporate infrastructure and talented Management team. We applaud Scott Aronstein, Jason Brandenburger and the Connectivity Source staff for a long history of flawless execution that has been built on a foundation of high business integrity and unmatched industry acumen. We would also like to acknowledge the tremendous efforts and strategic vision of the Texas Capital Bank team. Their deep experience in the wireless retail sector and “can-do” approach to this deal enabled the Company to complete the transaction without any delay, on a highly accelerated timetable.”

About Texas Capital Bank
Founded in 1998 and headquartered in Dallas, Texas Capital Bank is a commercial bank that delivers highly personalized financial services to businesses and entrepreneurs throughout the state and across the country. Texas Capital Bank is a wholly owned subsidiary of Texas Capital Bancshares, Inc. (NASDAQ®: TCBI) and is consistently recognized as one of Forbes’ Best Banks in America.

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 more than 650 transactions in 32 states and 15 foreign countries across a variety of industries.

GulfStar Group
700 Louisiana Street
Suite 3800
Houston, Texas 77002


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