Wachovia Securities Inc. served as sole financial advisor and placement agent for the transaction, which is considered to be one of the largest such private equity placements ever in North Carolina.
BTI, which is based in Raleigh, is an integrated communications provider focused on the fast-growing southeastern U.S. market. The company said it plans to use the proceeds of the investment for the introduction of new and enhanced telecommunications and data services, market penetration in existing and new markets, network facilities expansion, general operating expenses and a share repurchase.
"BTI is recognized as a leader in the Integrated Communications Provider and Competitive Local Exchange Carrier segment of the telecommunications industry," said Richard Dowd, senior managing director of Investment Banking for Wachovia Securities. "The placement highlights BTI’s prominence in the communications sector in the Southeast and provides the strategic capital for BTI to accelerate its business plans."
Welsh, Carson, Anderson and Stowe, founded in 1979, is one of the leading private equity firms in the country, with assets under management in excess of $8 billion.
Wachovia Securities Inc. is a subsidiary of Wachovia Corporation, the nation’s 15th largest bank holding company.
