Oak Hill invests $250m in US Mid-west fibre start-up
A new fibre company has started up in the US Mid-west with US$250 million backing from investment company Oak Hill Capital.
Omni Fiber says it will build fibre-to-the-home (FTTH) in small and mid-sized markets in the area, beginning in Ohio.
Darrick Zucco, Omni Fiber CEO, said: “Oak Hill’s investment will spur our growth to help bridge the digital divide and establish competitive choice by providing hundreds of thousands of households access to our future-proof, 100% fibre-optic network.”
California-based Oak Hill Capital already invests in fibre across the US, including MetroNet, which is 100% fibre; Vexus Fiber in Texas, New Mexico and Louisiana; GoNetspeed in the north-east of the country; Race Communications in California; and Greenlight Networks in upstate New York.
Scott Baker, partner at Oak Hill, said: “We have enjoyed strong relationships with Omni’s founding executive team – Darrick Zucco, Steve Gable, Brian Ross and Andres Tovar – for many years. We are excited to formally launch our new partnership with this outstanding team as the company builds and introduces its fibre network across the Mid-west.”
Omni Fiber has already started work in Clyde, Ohio, about 100km west of Cleveland, and has another 13 Ohio towns lined up.
These markets “have historically been underserved by the large phone and cable companies”, said Oak Hill. Later projects will take Omni Fiber to Pennsylvania and Michigan. “We are … excited to provide high-quality internet access options to small and medium communities across the Mid-west,” said Zucco.
Omni Fiber will offer symmetrical speeds of up to 2Gbps.