FirstLight Fiber to be acquired by Silicon Valley private equity firm
24 March 2016 |
FirstLight Fiber has entered into a definitive agreement to be acquired by private equity firm Oak Hill Capital Partners for an undisclosed sum.
Under the terms of the agreement, Oak Hill will acquire the company from its present private equity owner Riverside Partners who will remain as a minority investor in the fibre optic bandwidth infrastructure provider.
"FirstLight possesses all of the attractive characteristics and growth potential that Oak Hill seeks in our fibre investments. We see tremendous opportunity to create additional value by continuing to expand FirstLight's fiber footprint while also pursuing acquisitions,” said Scott Baker, a partner at Oak Hill.
Founded in 1999, the Albany, New York-based FirstLight was acquired by Riverside in 2010. Since the acquisition, the company has acquired segTel in 2011, Te1Jet in 2013 and G4 Communications in 2014 in a bid to expand its presence in the Northeast of the US.
The company presently has 260,000 fibre miles through five states including New York, New Hampshire, Maine, Vermont and Massachusetts.
In January, it completed the expansion of 36,000 fibre miles into New York's Westchester, Rockland and Orange counties to meet customer demand in New York.
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