Cordia A/R acquisition marks Birch’s thirteenth acquisition
Atlanta, Ga. – Nov. 15, 2011 - Birch Communications, a leading IP-based telecommunications and managed services provider for small- and medium-sized businesses, announced today that it has completed the acquisition of the accounts receivable associated with the U.S. CLEC customers of Cordia Communications Corp. (“Cordia”). Cordia is a competitive local exchange carrier based in Orlando, Fla.
“The acquisition of the Cordia accounts receivable assets represents a meaningful additional step forward for Birch,” said Vincent Oddo, Birch president and CEO. “Completing this acquisition advances our long-term strategy of completing highly accretive asset acquisitions that build customer density, which in turn drive the expansion of the Birch IP-Network.”
This is the 13th acquisition 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