ROCKLAND, Maine — Biddeford-based GWI Inc. announced Wednesday it has acquired Rockland-based Midcoast Internet Solutions.
Midcoast Internet was founded in April 1995 by Jason Philbrook. The company expanded over the years and, as of the acquisition, has 2,495 business and residential customers from Bath to Belfast. The company had annual revenues of $1.6 million.
Philbrook will stay on, remaining in the company’s Rockland headquarters. The Rockland office will remain open.
GWI, which was founded in 1994, stated in its news release that while there likely will be savings of 10-15 percent in overhead, there are no job losses anticipated as a result of the acquisition. The combined firm will have 81 employees.
The exact terms and structure of the deal between the two private companies were not made public.
“GWI is pleased to join forces with another leading, Maine-based technology company,” said GWI CEO Fletcher Kittredge in the news release. “This is a great fit. Both companies are focused offering our customers the best technology available in the marketplace — and fast, friendly, local customer service.”
Kittredge stated in the news release that he expects Midcoast’s team to play a key role in his company’s future.
Midcoast offers broadband Internet, digital phone, private links and Web hosting services. Midcoast was one of the first companies on the East Coast to install broadband connection through fixed wireless technologies and offers wireless-to-fiber services for many who live on Maine’s islands, the company stated.
In addition, the company has a track record of building cutting-edge fiber-to-the-home networks, the news release stated.
“This is a good day for Midcoast employees and our customers,” said Midcoast CEO Philbrook in the news release. “GWI is the perfect partner with the same commitment to innovation and customer service we have always had. This is a combination of two great Maine broadband companies and an opportunity to expand both coverage and service in the midcoast. We look forward to growing as part of GWI.”
Customers with questions can contact Midcoast customer service at 594-8277 or GWI customer service at 866-494-2020.