Wave buys fiber optic provider CPI
WaveDivision Holdings, the parent company of Wave Broadband, announced this morning that it had bought fiber optics provider Capacity Provisioning Incorporated (CPI) for an undisclosed sum.
The deal provided Wave with a business services unit to compliment the residential services that it has been providing to consumers in CPI’s footprint for more than a decade.
CPI is the largest privately owned fiber-based metro Ethernet provider on the Olympic Peninsula in Washington. CPI’s primary focus has been serving businesses and government entities in Port Angeles, Sequim and surrounding areas.
CPI owns an extensive network of fiber optic cable in and around Port Angeles, stretching from the west side of Port Angeles to the east end of Sequim, 22 miles away.
Wave said it planned on keeping all of CPI’s employees and that CPI’s previous owners agreed to a consulting relationship with Wave through the business transition process.
The CPI deal was the 16th acquisition in Wave’s 11-year history and followed on the heels of two similar fiber acquisition deals: Wave’s purchases of Bellingham-based Black Rock and Seattle-based Spectrum Networks (and its CondoInternet subsidiary), last year.
Wave has provided the Port Angeles and Sequim area with residential broadband services and recently expanded to more markets on the Olympic Peninsula, including Port Townsend, Port Hadlock, and Port Ludlow.
According to Wave CEO Steve Weed, Wave and CPI also extended a longstanding agreement between CPI and the City of Port Angeles through September 2024 as part of the deal. Initially signed in 2002, the agreement provided for the design and implementation of an interconnecting fiber optic ring encircling Port Angeles to deliver high-speed fiber optic point-to-point connections and Internet service to the City of Port Angeles and area businesses.
Other CPI customers include Clallam County, Olympic Medical Center, the Port Angeles School System, Peninsula College and several other area organizations.
“This transaction adds considerable fiber assets, a strong base of local government and business customers, and most importantly great employees who’ve built and delivered an outstanding service experience for the customer,” said Weed. “We are excited to be working with the CPI team and can now focus on providing best-in-class broadband products and service to both residential and business customers throughout the Olympic Peninsula.”
Wave offers triple play services to nearly 420,000 residential and business customers in the communities, and surrounding suburbs, of the Seattle, Portland, San Francisco and Sacramento markets.
Two years ago WaveDivision Holding raised more than $1 billion in funding in order to recapitalize the company and build out its West Coast broadband and fiber-optic network.