Wednesday, August 25, 2010

FiberTech Networks Sold to Investor Group for $500 Million

FiberTech Networks, a privately-held company that operates metro networks in 24 cities in the eastern U.S., announced a changed in ownership. Court Square Capital Partners will acquire Fibertech from its original investors, Nautic Partners and the team at Ridgemont Equity Partners. This transaction will be financed through a combination of equity contributed by investment funds managed by Court Square, as well as investment by the senior management of Fibertech and new debt facilities.

News reports valued the deal at $500-535 million, although the company did not confirm this.

"This opportunity allows Fibertech to continue to operate as a private company, serving and supporting our customers in the way they've come to expect from us over the past decade," said John K. Purcell, President and CEO of Fibertech. "In addition, we have the flexibility to grow and expand our business with the support of a partner who has a long history of investment in the telecom and technology space, and of investing in profitable companies with strong growth potential. This new alliance represents the next stage of growth for Fibertech."

  • Fibertech is based in Rochester, New York. The company has core networks operational over 24 cities including Buffalo, Syracuse, Rochester, Binghamton, White Plains, and Albany, NY; Providence, RI; Pittsburgh, PA; Indianapolis, IN; Columbus, OH; Hartford, Stamford, Bridgeport, New Haven, New London and Danbury, CT; Worcester and Springfield, MA; Concord, NH; Montgomery County, MD; Wilmington, DE; Philadelphia, PA; and Newark and Camden, NJ.