FirstLight Fiber, a fiber-optic bandwidth infrastructure services provider operating in New York and Northern New England, has entered into a definitive agreement to be acquired by Oak Hill Capital Partners.
Oak Hill will acquire the company from its current private equity owner, Riverside Partners. Riverside Partners is expected to continue as a minority investor in FirstLight.
Scott Baker, a partner at Oak Hill, added, “FirstLight possesses all of the attractive characteristics and growth potential that Oak Hill seeks in our fiber investments. We see tremendous opportunity to create additional value by continuing to expand FirstLight’s fiber footprint while also pursuing acquisitions. We are delighted to join forces with FirstLight’s talented management team and with Riverside Partners to help drive this next phase of growth.”
The transaction is expected to close in the third quarter of 2016, following the satisfaction of customary regulatory approvals. Financial terms of the transaction were not disclosed.
“We are excited about the possibilities that this transaction creates for FirstLight and its customers. Oak Hill brings the expertise and financial resources necessary to accelerate FirstLight’s continued growth,” said Kurt Van Wagenen, president and CEO of FirstLight Fiber. “Through this relationship with Oak Hill, we will continue to expand our fiber network and service offerings while continuing to focus on providing the highest quality service to our customers.”