Acquisition will further accelerate FirstLight’s growth and enhance capabilities for customers
Albany, NY – February 21, 2018 – FirstLight, a leading fiber-optic bandwidth infrastructure services provider operating in the Northeast U.S., announced today that Antin Infrastructure Partners (“Antin”) has entered into a definitive agreement under which it will acquire FirstLight from Oak Hill Capital Partners IV (“Oak Hill”). Financial terms of the transaction were not disclosed.
“We have tremendous respect for all that FirstLight has accomplished to date. We are delighted to be backing Kurt Van Wagenen and his talented team to continue the company’s growth strategy, leveraging the success that Antin has had with communications and fiber investments in Europe,” said Kevin Genieser, Senior Partner at Antin.
The transaction is expected to close in the second half of 2018, following the satisfaction of customary closing conditions, including required regulatory approvals. The agreement has been approved by FirstLight’s Board of Directors and Antin’s Investment Committee.
“We are thrilled about this exciting development. Antin is an experienced fiber investor and an ideal partner to support our growth strategy. With this acquisition, FirstLight remains well positioned to continue providing the highest levels of service and expanded offerings to enterprise and carrier customers,” said Kurt Van Wagenen, President and Chief Executive Officer of FirstLight. “We are grateful to Oak Hill for the vision, support and incredible partnership we have built over the past few years. Under Oak Hill’s guidance, with support from minority investors Novacap and Riverside Partners, FirstLight has quadrupled in size, enhanced its service portfolio and expanded its fiber network both organically and strategically through the acquisitions of Oxford Networks, Sovernet Communications, Finger Lakes Technologies Group and 186 Communications,” concluded Van Wagenen.
“We are proud of the significant growth and strategic transformation accomplished during Oak Hill’s ownership of FirstLight. But more importantly, we are grateful for the strong partnership and outstanding performance of FirstLight’s talented management team and dedicated employees. We wish FirstLight and Antin continued success as the Company further expands its high-quality fiber network,” said Scott Baker, Partner at Oak Hill and a member of the FirstLight Board of Directors.
Bank Street Group and TD Securities served as lead financial advisors to FirstLight and Oak Hill in connection with the transaction. Paul, Weiss, Rifkind, Wharton & Garrison served as legal counsel to FirstLight and Oak Hill. UBS Investment Bank served as financial advisor to Antin and Weil, Gotshal & Manges and Harris, Wiltshire & Grannis served as legal counsel.
For more information on FirstLight, visit https://www.firstlight.net.
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Statements included herein may constitute “forward-looking statements”, which relate to future events, the future performance, or financial condition of FirstLight following the acquisition of FirstLight by Antin. These statements are not guarantees of future performance, condition, or results and involve a number of risks and uncertainties. Actual results and condition may differ materially from those in the forward-looking statements as a result of a number of factors.