FirstLight Fiber is set to combine operations with Oxford Networks, a fiber-optic bandwidth infrastructure services provider operating in Maine, New Hampshire and Massachusetts.
FirstLight parent company Oak Hill Capital Partners has agreed to acquire Oxford from its existing private equity owners, Novacap and Bank Street Capital Partners.
Oak Hill announced an agreement to acquire FirstLight from Riverside Partners in March 2016. Novacap, BSCP and Riverside are expected to continue as minority partners in the combined company.
“We are pleased with the outstanding performance that Oxford has delivered for its stakeholders, and we are excited to participate in the next phase of the company’s growth alongside Oak Hill,” said Ted Mocarski, a partner at Novacap and chairman of Oxford’s Board of Directors.
Oxford began as a local telephone company over 100 years ago. Throughout its long history, Oxford has transitioned itself into a leading regional provider of fiber and cloud services through investments in its network and facilities as well as the acquisition of neighboring BayRing Communications in 2015. During Novacap’s investment period, Oxford more than doubled its core revenues and expanded its network reach to Boston.
Upon completion of the Oxford and FirstLight transactions, the companies will operate in aggregate approximately 4,800 route miles of high-capacity fiber optic network and 10 data centers, the majority of which are SOC 2 (Service Organization Control) certified, in major markets across New York and New England.
“This transaction is a very positive development for FirstLight,” said Kurt Van Wagenen, president and CEO of FirstLight Fiber. “Together with Oxford, we will have the scale and fiber density necessary to continue to enhance our capabilities to the benefit of our customers, our employees and the local communities in which we operate.”
Financial terms of the transaction were not disclosed.
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