GI Partners acquires majority stake in Blue Stream Fiber
Private investment firm GI Partners in partnership with the company's CEO, Joe Canavan, has acquired a majority stake in Blue Stream from Twin Point Capital.
The deal will see GI Partners acquire Florida-based, Blue Stream which provides gigabit-speed broadband, as well as video and voice services to its residential and commercial customers.
"Consumers in Florida want the most reliable networks and high touch customer support. Blue Stream is committed to drive ever-increasing levels of customer support and satisfaction, and to further differentiate our services from incumbents," said Joe Canavan, CEO of Blue Stream.
"Over the coming months and years, our partnership with GI Partners will ensure that we can expand and provide our great services across the entire state."
Under Twin Point's ownership, the company has transitioned from a traditional cable business to a rapidly growing, customer service-focused provider of fibre-based bandwidth and broadband internet services to residential and commercial customers in Florida.
"Reliable high-speed data in the home is critical to daily life,” added Steve Smith, managing director of GI Data Infrastructure.
“Blue Stream Fiber offers a superior alternative to traditional providers – both in terms of network quality and customer focus.”
The investment by GI Partners will be used to support growth in the company's existing markets, expansion of its footprint in the state, and to strengthen and deepen Blue Stream's customer service capabilities.
"Blue Stream is growing rapidly in one of the most exciting markets in the US. We have a great opportunity, in partnership with Joe and his team, to create value while delivering world-class service to millions of Floridians," said Mark Prybutok, managing director of GI Data Infrastructure.
Paul Hastings LLP acted as legal counsel to GI Partners, while Lazard Middle Market acted as financial advisor to Blue Stream and Cooley LLP served as legal counsel to Twin Point Capital. Details of the transaction were not given.
"It has been a great honour and privilege to partner with Joe Canavan, Mark Dineen and the Blue Stream team. Together, we built Blue Stream into a world-class gigabit services provider with a passion for providing state-of-the-art products and superior service to our customers and communities. We wish the Company continued success," said Jonathan Friesel, a managing partner of Twin Point Capital.