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Country Road Acquires Maine RLEC for $28.5 M
Mar 2003
MORRISTOWN, N.J. & WINTHROP, Maine, March 10 -- Country Road Communications LLC, a 3-year-old telecom carrier based in New Jersey, announced last week it has signed a deal to acquire Community Service Telephone Co. (CST), a 100-year-old rural local exchange carrier (RLEC) based in Winthrop, Maine, for $28.5 million cash.

CST provides voice and data communication services to more than 12,000 residential and business customers in 16 towns near Augusta and Lewiston/Auburn, Maine.

Country Road previously acquired two other Maine-based RLECs: Saco River Telegraph and Telephone Co. in Bar Mills, Maine, and Pine Tree Telephone & Telegraph Co., which was based just outside of Portland, Maine.

Country Road, which was founded by former AT&T executive vice president Harry Bennett, raised $32 million in venture capital financing over the summer from Abry Partners LLC and the Prudential Insurance Co. of America.

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