Oak Hill seals FirstLight Fiber acquisition
12 September 2016 | Jason McGee-Abe
US fibre-optic bandwidth infrastructure services provider, FirstLight Fiber, has been acquired by Oak Hill Capital Partners, which should propel its next stage of growth.
The acquisition of the provider, which operates a fibre network of nearly 275,000 miles with over 2,000 on-net locations and 14,000 near-net buildings, “is a key component of Oak Hill's strategy," commented Benjy Diesbach, an Oak Hill partner.
"FirstLight's strong history as a leading fibre provider in the Northeast [New York and Northern New England] and its positive momentum were a few reasons we identified the company as an attractive platform. We welcome the opportunity to support and guide FirstLight in its next stage of growth."
Kurt Van Wagenen, president and chief executive officer of FirstLight, added: "Oak Hill provides the expertise and financial resources we need at this stage, and together, our potential to continue to meet our customers' growing connectivity needs is limitless. We also thank Riverside Partners for their support and guidance along this path."
Oak Hill acquired the company from private equity owner Riverside Partners, which is also investing in the deal and will continue as a minority investor in FirstLight.
"Today, we are excited to formally launch Oak Hill's strong new partnership with FirstLight management and Riverside," added Scott Baker, another partner at Oak Hill. “Together, we plan to accelerate FirstLight's growth through additional investment, including Oak Hill's pending acquisitions of Oxford Networks and Sovernet Communications. We look forward to many more positive developments for FirstLight.”