Grain Management LLC, a private equity firm focused on investments in the global communications sector, agreed to acquire a majority stake in the communications service provider Ritter Communications Inc.
Under the agreement, Grain Management will invest in Ritter Communications along with its current owner, E. Ritter & Co. Inc.
Ritter Communications President Alan Morse said in a news release that the deal will allow the company "to accelerate hiring and the expansion of our fiber network plans." Financial terms of the deal were not disclosed.
The transaction, subject to customary regulatory approvals, is expected to close in the fourth quarter.
The deal comes several months after it was reported that the company is evaluating strategic alternatives, including a possible sale to a new investor.
Ritter Communications offers internet, phone, video services and cloud services to customers in Tennessee and Arkansas.