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Groton City Will Transfer Ownership Of Cable Company to Investment Group

City decides its best option is transferring ownership of Thames Valley Communications to CTP Investors, LLC.

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.

About CTP

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.

Dante Gonzales January 16, 2013 at 12:51 AM
I commend the Mayor and the city council for tackling this issue head on and taking measures to cut losses in the future!
duckman January 16, 2013 at 01:05 AM
This is the best outcome we are going to get. With the losses incurred already we are luck to even get this. I would like to thank the mayor and council for at least getting a solution to this problem.
Michael Boucher January 16, 2013 at 04:40 AM
Duckman that is the same line the Mayor and Council tried to sell the taxpayers the first time when CTP was going to pay $150,000. Thanks to Jay Dempsey the Mayor and Council had to take a second look. With contract information not open to the public we will never know if someone like Comcast made a better offer. The Mayor and Council should have solved this problem years ago. Mayor Galbrath was Deputy Mayor under Mayor Popp and on the Council going back before 2004 I think.
Michael Boucher January 16, 2013 at 04:46 AM
Our future is Groton Utilities paying 2-3 million a year for the next 14 years to cover the losses. We still don't know how much TVC has lost. Could be 50-60 million
duckman January 16, 2013 at 02:36 PM
1 or 2% of the total debt does not really matter at this point, especially from a business perspective. Comcast has no reason to do anything either. TVC would only minimally increase any market share. It would make more sense for comcast to scoop up any customers for free. Also, by delaying the sale even more, the debt on the backend is being drawn out longer. A month or two now making an extra $400,000 is going to cost nearly the same at the backend. The market for used equipment (I.E. TVC assets) is also saturated right now with all the business downsizing. Its an albatross that needs to be extricated as soon as possible. Unfortunately, a good idea turned into this nightmare, leaving options that will leave no one happy.
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