Twelfth “Tuck-in” Transaction since 2006
Macon, Ga. – Oct. 13, 2011 – Birch Communications, a leading IP-based telecommunications and managed services provider for small- and medium-sized businesses, announced today that it has completed its acquisition of the U.S. CLEC assets of Cordia Communications Corp. (“Cordia”), a competitive local exchange carrier based in Orlando, Fla. Included in this asset acquisition are approximately 55,000 business, residential, broadband, long-distance access lines across 24 states as well as the related accounts receivable.
“We are proud and excited to welcome the former Cordia customers into the Birch family, and look forward to introducing them to our signature Birch customer service experience,” said Chris Aversano, Birch chief operating officer. “Our commitment to provide superior customer support via our domestic U.S.-based customer service support teams is what sets Birch apart from many of our competitors. As a result of this asset acquisition, Birch has added jobs in its U.S.-based Customer Operations Centers. Many of these jobs were previously located outside the United States, and we take great pride in repatriating these positions back into the U.S.”
“Today is yet another significant step forward as we advance our multi-year ‘tuck-in’ acquisition strategy designed to build customer density throughout our 38-state footprint,” said Vincent Oddo, Birch president and CEO. “This acquisition will also leverage the continued expansion of our state-of-the-art Birch IP-Network, further strengthening Birch’s leadership position in providing mission-critical communications and managed services to our customers.”
This asset acquisition is the 12th transaction that Birch has completed since 2006. As a result of our unique organic sales and strategic asset acquisition growth strategy, Birch has been ranked in the Inc. 500|5000 as one of the fastest growing private companies in 2004, 2009, 2010 and 2011.
About Birch Communications
Headquartered in Atlanta, Ga., Birch Communications provides managed communications and information technology services to a target market of small- and medium-sized businesses in select metropolitan areas within 38 states across the United States. Birch services include local and long distance voice, broadband Internet access, T1, PRI, bonded T1, integrated PRI, mobile voice and data, e-mail, web-hosting, voicemail, prepaid, and many other communications and information technology services. Birch voice and data services are, in most cases, delivered using Voice over Internet Protocol (VoIP) technology on the company’s secure IP-Network rather than over the public Internet.
According to Inc. 500|5000 magazine in its 2004, 2009, 2010 and 2011 rankings, Birch was one of the fastest-growing private companies in the United States.
About Cordia Communications
Cordia Corporation, through its U.S. operating subsidiaries, Cordia Communications Corp., My Tel Co., Inc., and Northstar Telecom, Inc. provide business, residential, and wholesale services such as local, long distance, toll-free and DSL via its multi-year, multi-state interconnection and commercial services agreements with Verizon, and Qwest. Source Capital Group, Inc. served as exclusive financial advisor to Cordia in connection with this transaction.
About Source Capital
Source Capital Group, Inc. (SCG) was founded in 1992 by a management team with extensive financial industry experience at firms such as Bankers Trust, Chemical Bank, and Smith Barney. The firm began as a boutique investment bank specializing in small to medium-sized transactions and continues to focus investment banking activities in those segments of the market, with expertise in the communications, green energy and clean technology verticals. The firm has grown to include businesses in general securities, emerging market securities, distressed and high yield debt securities, investment management, mortgages, project finance, and business lending. SCG is based in Westport, CT and has 140 professionals in several offices across the United States.
Greg Corwin, Director of Marketing