Rainier Connect and Palisade have announced they have entered into an agreement whereby Palisade, on behalf of its managed funds, will acquire 100 percent of the equity interests in Mashell, Inc., the parent company of Rainier Connect. Palisade will take on both the ownership and operations of Rainier Connect, including its rights and obligations under the transaction agreement with Tacoma Power. Houlihan Lokey acted as an advisor to Palisade Infrastructure on the deal.
Brian Haynes, President and CEO of Rainier Connect, said: “Rainier Connect has a proud history of serving communities for over 100 years. Our family is deeply honored to have been part of this history. It is because of our commitment to ensure that our communities continue to get the best in high-speed internet and connectivity that we have decided to enter into this transaction with Palisade.”
The transaction remains subject to approval by the city of Tacoma; federal, state, and local regulatory approvals; and customary closing conditions. It has committed unconditional financing and has been approved by Rainier Connect’s board of directors and by Palisade’s Investment Committee.
Mike Reynolds, Managing Director, Americas, at Palisade Infrastructure, said, “Palisade is pleased to partner with Rainier Connect in this Transaction. The Transaction represents our first step in the creation of a regional platform for fiber and high-speed broadband connectivity, with immediate fiber investments planned in the greater Tacoma region and several adjacent and expansion markets in the Pacific Northwest. We look forward to investing in Rainier Connect’s growth to benefit all stakeholders including employees, customers and communities.”
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