BHT Holdings Acquires Tri County Telephone Association

Announced: September 19, 2014

Target: Tri County Telephone Association, Inc., a Wyoming cooperative association (“TCT”)

Buyer: BHT Holdings, Inc. (“BHT”), a privately-held Wyoming corporation

Price: $46 million, including $29 million in cash payments to cooperative members, retirement of debt, commitments to network enhancements, and rate reductions

Description: TCT was formed as a cooperative in 1953 with 950 access lines, which has grown to 6,000 access lines. TCT offers local voice services as well as broadband, video, and security monitoring services in customers in Wyoming’s Big Horn, Fremont, Hot Springs, Park, and Washakie counties. TCT also provides wireless broadband, video, and security monitoring services to areas of Southeastern Montana. TCT also owns 34% of Wyoming 1–Park L.P., a Verizon Wireless partnership that provides mobile wireless services in RSA 718, which includes Park, Hot Springs, Big Horn, and Washakie counties.

Valuation Metrics: Not disclosed

Closed: December 31, 2014

Comments: BHT purchased all of the outstanding shares of TCT and its wholly-owned subsidiaries, TCT West, Inc., and Tri Tel, Inc. TCT’s management and employees have been retained. The final membership vote was certified on December 20, 2014 with the approval of 79% of the total membership. A super majority of 66% was required to approve the transaction.

Charlesmead Advisors, LLC provided valuation analyses to TCT in this transaction.

Privacy Policy

Charlesmead is committed to protecting the privacy of its clients. We place a high priority on maintaining the confidentiality and security of the personal and account information that clients share with us in the normal course of doing business. Information may be shared between the Firm's employees, registered representatives, and affiliates. We do not disclose any nonpublic information about our customers or former customers to anyone else, except as permitted by law. Moreover, the Firm expects to collect nonpublic personal information relating to non-institutional clients solely for the purpose of passing that information on to (a) issuers, in issuer private placements, or (b) underwriters, in underwritten transactions. In either case, the client will specifically consent to that use of such subscription information.

We only use information about you and your accounts to help provide you with better service, respond to communications from you, make it more convenient for you to transact business with the firm or to comply with legal and regulatory requirements. We provide access to information about you to non-affiliates in certain limited circumstances, including:

  • to lawyers, accountants, and others in order to permit those persons to discharge their responsibilities to the Firm;
  • to other broker-dealers, where you have indicated an interest in purchasing securities in a public offering where we and such other broker-dealers are acting together;
  • to issuers, where you have indicated an interest in purchasing securities directly in a private placement.

We maintain physical, electronic and procedural safeguards to protect your personal information. If you prefer to limit the sharing of your information, please contact us at 415.844.7700.