MARKED TREE, Ark. (KAIT) -Ritter Communications announced Tuesday they're partnering with Grain Management, a leading private equity firm that invests in global communications.
According to a news release by Ritter Communications, Grain will invest in and acquire a majority stake in Ritter. Financial terms of the deal were not disclosed.
“Our goal was to secure the company’s future by bringing in a majority investor and partner with industry expertise and a proven history in the communications sector. The Ritter family will retain positions on the board and continue to be involved,” said Ronda Ritter Ray, lead family director, and fourth-generation Ritter family shareholder. “The business still represents a substantial portion of the E. Ritter and Company portfolio and our family is proud to see the company continue to use the Ritter brand that has served Arkansas communities for generations.”
Chad Crank, Grain managing director, cited Ritter’s recently announced $7 million broadband fiber infrastructure project in Hot Springs, along with the construction of the new Data Technology Center in Jonesboro.
“Ritter has exceptionally strong growth momentum,” Crank said. “We look forward to elevating that trajectory even further with Grain’s in-house knowledge and extensive track record in this industry, as well as our quantitative approach to value creation.”
According to the release, the deal is expected to close by the end of 2019.