Country Road Communications Acquires Granby Telephone.Business Editors MORRISTOWN, N.J. & GRANBY, Mass.--(BUSINESS WIRE)--April 16, 2004 Country Road Communications, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control announced today that it has acquired Granby Telephone and Telegraph Company of Massachusetts ("Granby"). Granby is an independent local exchange carrier ("ILEC (Incumbent Local Exchange Carrier) A traditional local telephone company such as one of the Regional Bell companies (RBOCs). Contrast with CLEC. See ELEC and TELRIC. ") with 3,154 telephone access line equivalents, providing voice and data communication services to residential and business customers in Granby, MA; a town located in the five-college area just north of Springfield, MA. Country Road Communications was formed in January 2000 to acquire and partner with local exchange carriers to provide advanced telecommunications services to prosperous communities throughout the U.S. With the acquisition of Granby, Country Road Communications will have 37,500 telephone access line equivalents in Southern Maine, California and West Virginia West Virginia, E central state of the United States. It is bordered by Pennsylvania and Maryland (N), Virginia (E and S), and Kentucky and, across the Ohio R., Ohio (W). Facts and Figures Area, 24,181 sq mi (62,629 sq km). Pop. and 16,500 CLEC (Competitive Local Exchange Carrier) An organization offering local telephone service that is not one of the traditional telephone companies. The Telecommunications Act of 1996 allowed competition to the incumbent telcos (ILECs), enabling new companies (CLECs) lines in Southern Maine. The Company offers a full range of telecommunications services including high-speed Internet See broadband. , national and international long distance, conference calling and dedicated and private line service to customers within its ILEC franchises and selected other markets. Country Road Communications is led by Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Harry Bennett Harry Bennett (1892-1979), a former boxer and ex-Navy sailor, was an executive at Ford Motor Company during the 1930’s and 1940’s. His reputation of doing Henry Ford's "dirty work" is what most people remember, and his hunting lodge was built with some strange additions. , a 30-year veteran of the telecom industry, and Executive Vice President of AT&T prior to founding Country Road. "Granby was founded more than 100 years ago, has a long history of being a well run company and has been a leader in providing advanced services such as DSL DSL in full Digital Subscriber Line Broadband digital communications connection that operates over standard copper telephone wires. It requires a DSL modem, which splits transmissions into two frequency bands: the lower frequencies for voice (ordinary to its customers. Granby will be the third ILEC we have acquired in New England, joining Pine Tree Telephone, Saco River Telephone and our CLEC operations, all now doing business as Pine Tree Networks. The bringing together of these operations offers us a great opportunity to strengthen and expand our market presence in New England," commented Mr. Bennett. Country Road Communications has funded its acquisitions with equity from ABRY Partners, a Boston based private equity investor with over $2 billion under management, Prudential Financial, Inc., and management. Bank borrowings have come from CoBank, a leading lender to local exchange carriers. George Mugnier, President of Granby, commented "on behalf of the Mugnier family we are very pleased to be entering into this transaction with Country Road. Country Road is well known in New England and has an excellent reputation as an owner and operator of telecommunications companies. We believe this is a good transaction for our family, our employees and customers, and the entire Granby Community." Michael Mazer, President of Mazer Telecom Advisors represented Granby as their agent in this transaction. |
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