OAK BROOK, Ill., Oct. 24, 2013 (GLOBE NEWSWIRE) -- Access Media 3 (AM3), a media service provider to multi-family properties, has completed its acquisition of a majority of the assets of MDU Communications (USA) Inc. ("MDUC"). The acquisition continues a strategy of dynamic growth that has now positioned AM3 as the single largest private cable operator in the US, as well as the largest private triple-play media services provider to multi-dwelling properties.
AM3, headquartered in Oak Brook, Illinois, provides bundled triple-play television, Internet, and voice service to multi-dwelling properties. Since its launch in 2007, AM3 has followed a strategy of carefully selected acquisitions coupled with organic sales to add new territories and increase subscribership. Cash flow and revenue streams are supported by multi-year customer contracts, with support from investors which include Meritage Funds, WP Global Partners, Petra Capital Partners, and Main Street Capital Corporation. AM3's aggressive growth approach has produced an annual run rate of revenues and EBITDA expected to exceed $68,000,000 and $17,000,000 respectively.
AM3's rapid expansion earned it a spot on the 2012 Inc. 5000 list of the nation's fastest-growing companies, and it also placed 5th on the Crain's Chicago Business 2013 "Fast 50" list of fastest-growing companies based in the Chicago area.
The MDUC acquisition enables AM3 to leverage its existing footprint by owning and/or managing properties in several of AM3's most strongly established markets, including Atlanta, Chicago, Dallas, Florida, Houston, and Washington, D.C. With the addition of the MDUC properties, AM3 now serves customers in 23 states with more than 167,000 RGUs and 135,000 subscribers in over 1,150 properties that include apartments, condominiums, student housing, and senior assisted living and retirement communities. Since the acquired assets will meld efficiently with the existing AM3 operating structure, the increases in revenue will directly improve AM3's operating margins. The company's criteria for current and future acquisitions is that they are all accretive to revenue, cash flow and operating margin.
"This acquisition places AM3 at the forefront of cable service providers," notes AM3 CEO Scott Rediger. "The enhanced cash flow created by expanding within our established markets positions us to continue future growth by leveraging our existing strong infrastructure. We look forward to providing all our customers with a top-flight subscriber experience, while continuing to grow in both new and existing markets."
For more information on Access Media 3, visit http://am3inc.com.
About Access Media 3
Access Media 3, headquartered in Oak Brook, Illinois, is the leading private company provider of comprehensive Internet, TV and voice services for multi-dwelling unit properties,including design, installation, maintenance and service management in the US. Led by a team of industry veterans, Access Media 3 prides itself on offering flexible, tailor-made service packages through strong project management and property-specific solutions based upon wiring and technology needs. AM3 ranked no. 305 on the 2011 Inc. 500 list of fastest growing US companies, no. 1122 on the 2012 Inc. 5000, and was named to Crain's Chicago Business' 2013 "Fast 50," a list of Chicago's fastest growing companies. Access Media 3 is backed by equity investments from Meritage Funds, Petra Capital Partners, WP Global Partners, and Main Street Capital Corporation. For more information, visit http://am3inc.com.