Brick Skirt Holdings Inc. announces agreement to purchase controlling interest in DFT Communications Corporation
Brick Skirt Holdings, Inc. (Brick Skirt) today announced that it has reached a definitive agreement to purchase a controlling interest in DFT Communications Corporation (DFT), headquartered in downtown Fredonia. Members of the Brick Skirt organization announcing the purchase are three members of DFT’s management team, Robert A. Maytum, Mark R. Maytum and Kurt W. Maytum, as well as family member Sheri Stoltenberg. Brick Skirt is a newly formed company with the sole purpose of the acquisition of all of the outstanding shares of DFT Communications and the Dunkirk & Fredonia Telephone Company as well as all of its holdings.
Mark Maytum, President and COO of DFT Communications, states “We are excited at this announcement and look forward to the opportunity to continue our regional approach with great anticipation. It is through the hard work and dedication of our employees and the team at large that we have been able to grow into new areas with new services and we share this journey with each of them. On behalf of Robert and Kurt, we want to thank them for their continued commitment”.
Founded in 1898 by Arthur R. Maytum as the Dunkirk and Fredonia Telephone Company, DFT was owned by the Maytum Family until 1996. LICT Corporation then acquired DFT from the Maytum Family with the fifth generation remaining in charge of the day to day operations. DFT provides telecommunications services throughout Chautauqua County and Western New York and Internet access through Netsync Broadband Services. DFT also offers an array of other services including; digital phone, security, satellite, business data systems, IT management and computer sales and repair, call center services and electrical contracting.
Mario J. Gabelli, Chairman and Chief Executive Officer of LICT, said “We are delighted to return control of DFT to its founding family. We believe that this transaction serves the interests of both LICT shareholders as well as the community DFT serves.”
On behalf of the family, Robert Maytum states, “We have had a long and productive relationship with LICT and are grateful for its stewardship of DFT over the past seventeen years. We are very pleased to reacquire the company and confident that now is the time to resume local ownership of DFT. We are committed to continuing the excellent levels of customer service for which DFT is known for throughout Western New York.”
Financial terms are not being disclosed. As part of the transaction, LICT will be a minority owner in Brick Skirt Holdings, Inc. The transaction is subject to a financing contingency and to regulatory approval by both the New York State Public Service Commission and the Federal Communications Commission. Closing is anticipated in the fourth quarter of 2014.