A press release issued Tuesday by the City of Groton and Mayor Marian Galbraith:
Mayor Marian Galbraith and the City Council are continuing to move forward with the transfer of ownership of Thames Valley Communications to CTP Investors, LLC. An initial offer from CTP Investors, an investment management firm specializing in building broadband, cable TV and wireless business, was announced in November, 2012.
The November announcement sparked additional expressions of interest which the Mayor and Council decided to explore before finalizing the transfer of ownership. The City conducted a limited solicitation of additional offers for the broadband company including a revised offer from CTP Investors.
“After exploring other options and consulting with an outside investment firm, the City Council and I have decided that it is still in TVC’s best interests to transfer ownership to CTP Investors,” says Mayor Marian Galbraith, City of Groton. “Exploration of other offers has brought us to the conclusion that CTP Investors can provide the city of Groton with the most financially viable deal, while still providing the quality service that our customers have come to expect.”
“The decision to continue our agreement with CTP Investors after entertaining other offers is one which will benefit all involved. CTP Investors is committed to both the TVC employees and the residents of Groton. The company’s intent is to continue to expand TVC as a high quality broadband company that is also a locally-managed business,” says Paul Yatcko, Director of Groton Utilities and current President of TVC.
CTP is an investment management firm whose principals have a long history of experience in the cable, broadband and wireless businesses. CTP will acquire businesses such as TVC where, through active management and capital investment, it can look to deliver highly competitive video, Internet and telecom services to residential and business customers. For further information and inquiries, please go to CTP’s website at ctpinvestors.com.