GWI acquires midcoast Internet company
Biddeford-based GWI Inc. today announced it has closed a deal to acquire Rockland-based Midcoast Internet Solutions for an undisclosed price. The deal will add 2,495 business and residential customers from Bath to Belfast to GWI's network
GWI CEO Fletcher Kittredge said the acquisition supports the company's efforts to expand broadband service to rural parts of the state, according to a press release. "Midcoast's expertise in fixed wireless and fiber-to-the-home networks greatly enhances GWI's ability to expand broadband coverage statewide."
Midcoast Internet CEO Jason Philbrook will remain with the company and head its Rockland headquarters. Philbrook founded the company in 1995 and has grown it to $1.6 million in annual revenues. According to the release, Midcoast was one of the first companies on the East Coast to install broadband connection via fixed wireless technologies, and it offers wireless-to-fiber services for many who live on Maine's islands.
The combined firms will have 81 employees, and there are no anticipated job losses. The companies expect a 10%-15% savings in overhead costs.
GWI won funding for the nearly completed 1,100 mile open-access Three Ring Binder rural broadband expansion project, which is now run independently by Maine Fiber Co. Inc. Last month, the company announced it is building an ultra-high-speed network in Old Town and Orono around the University of Maine, as part of a national Gig.U initiative.
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