Mega Broadband Investments Announces CEO Leadership Transition
Andy Parrott promoted to the role of MBI CEO
Phil Spencer to continue to serve on the Board of Directors and as a Senior Advisor to MBI
SHAWNEE, Okla., April 29, 2024 /PRNewswire/ -- Mega Broadband Investments LLC ("MBI"), a leading provider of broadband services across the Southeast, Northwest, and Mid-South United States that goes to market under the Vyve Broadband brand ("Vyve"), today announced that Andy Parrott has been promoted to the role of CEO, effective May 1st, 2024. Current CEO Phil Spencer will transition to a senior advisor role to continue to support the business' growth.
"We want to thank Phil for his strong leadership and partnership as CEO of MBI over the last six years and for the instrumental role he has played to build and grow MBI into the business it is today. Phil is a world-class CEO, and even more importantly he is a close friend and mentor to all of us at MBI," says Stephen Jeschke, MBI Board Member and Managing Director at GTCR, a leading private equity firm and majority investor in MBI. "Phil recruited Andy back in 2019 to join MBI with the vision that Andy had the potential to be his successor and we are thrilled to have Andy stepping into the CEO role from his current role as President and COO."
"Andy is a remarkable leader who has been instrumental to several strategic initiatives at MBI including the roll out of Gigabit internet service across the footprint, improvement of customer service, and growth of residential HSD penetration in key markets," added Phil Spencer. "Since Andy joined the team in 2019 he has demonstrated he understands the business on a very deep level, and we are all very confident in Andy's leadership capabilities and believe his innate passion for the Company's employees and customers will help contribute to his success in driving MBI's growth strategy moving forward."
"We have been very impressed with Andy's impact on the business during our time as investors over the last several years, and his thoughtful leadership alongside Phil has been core to MBI's strong performance," says Julie Laulis, CEO of Cable One (NYSE: CABO), a leading broadband communications provider and minority investor in MBI. "Andy has a community-first mindset and a management style that fosters a culture of continuous improvement – these attributes align well with our values at Cable One, and we are excited to continue to partner with Andy and his team for the next chapter of growth for MBI."
An industry veteran, Mr. Parrott began his career in technical operations for Charter Communications before serving in roles of increasing seniority at Suddenlink Communications and, eventually, Altice USA after their 2015 acquisition of Suddenlink. Mr. Parrott joined MBI in 2019 as the Chief Operating Officer and was promoted to the role of President in 2021. During his time at MBI, Mr. Parrott has led the system upgrade efforts, integration of MBI's acquisitions, and continued focus on customer-centricity, as well as the management of day-to-day operations across field services, engineering, network operations, construction, IT, and customer care.
About Mega Broadband Investments
Mega Broadband Investments LLC, operating as Vyve Broadband, largely serves rural communities in sixteen states across the Southeast, Northwest, and Mid-South United States. Vyve Broadband offers an extensive range of broadband, fiber connectivity, cable television and voice services for commercial and residential customers. Residential services include high-speed internet with services up to Vyve Multi-Gig, all-digital and high-definition video and digital voice services. Vyve Business Services provides optical Ethernet, PRI and hosted voice services to the business community. For more information, please visit www.vyvebroadband.com.
About GTCR
Founded in 1980, GTCR is a leading private equity firm that pioneered The Leaders Strategy™ – finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through organic growth and strategic acquisitions. GTCR is focused on investing in transformative growth in companies in the Business & Consumer Services, Financial Services & Technology, Healthcare and Technology, Media & Telecommunications sectors. Since its inception, GTCR has invested more than $25 billion in over 270 companies, and the firm currently manages $40 billion in equity capital. GTCR is based in Chicago with offices in New York and West Palm Beach. For more information, please visit www.gtcr.com.
About Cable One
Cable One, Inc. (NYSE:CABO) is a leading broadband communications provider committed to connecting customers and communities to what matters most. Through Sparklight® and the associated Cable One family of brands, the Company serves more than 1 million residential and business customers in 24 states. Powered by a fiber-rich network, the Cable One family of brands provide residential customers with a wide array of connectivity and entertainment services, including Gigabit speeds, advanced WiFi and video. For businesses ranging from small and mid-market up to enterprise, wholesale and carrier, the Company offers scalable, cost-effective solutions that enable businesses of all sizes to grow, compete and succeed. For more information, please visit https://www.cableone.biz/.
Contacts:
Mega Broadband Investments
Kellie Kennedy
312-933-4903
kelliek@theharbingergroup.com
GTCR
Andrew Johnson
212-835-7042
andrew.johnson@gtcr.com
Cable One
Trish Niemann
602-364-6372
patricia.neimann@cableone.biz
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SOURCE Mega Broadband Investments LLC
