The Oak Hill investment will accelerate the deployment of NetSpeed fiber in the northeast
ROCHESTER, NY and STAMFORD, Conn., January 21, 2021 / PRNewswire / – NetSpeed LLC (“NetSpeed”), a fiber optic operator serving residential and business customers in Pennsylvania and Connecticutannounced today that it has entered into a new partnership with Oak Hill Capital (“Oak Hill“), enabling NetSpeed to accelerate the expansion of its fiber optic network in the northeastern US
“This agreement gives NetSpeed the opportunity to grow our Northeast business significantly with the support of a partner who has a long history of investing in telecommunications companies with great potential,” said NetSpeed Frank Chiaino, Founder and CEO of NetSpeed. “I’m proud of what our team has achieved since we started business, but the best is yet to come. Our new partnership is the next phase of growth for NetSpeed.” The management of Mr. Chiaino and NetSpeed remain a significant investor in the new partnership.
Oak Hill is an experienced investor in the field of fiber-to-the-premises. The company’s current and recently announced investments include Metronet, a leading fiber optic operator based in the American Midwest; Vexus Fiber, a fast growing fiber-to-the-premises provider in Texas;; Race Communications, a fast growing fiber optic business in California;; and recently announced separate agreements to invest in Otelco and in Ontario and Trumansburg Telephone Companies, two eastern US broadband companies.
“NetSpeed has assembled a talented leadership team capable of significantly accelerating the company’s fiber network deployment and we are delighted to bring our experience and capital to this partnership,” he said Benjy Diesbach, Partner at Oak Hill. “Oak Hill and NetSpeed share the belief that expanding access to reliable, high-speed broadband connectivity is fundamental to driving economic growth and equal opportunities in local communities across the country.”
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“NetSpeed and Oak Hill have very close ties to the northeastern United States, with both headquarters in New York State, additional presence in Connecticut and Pennsylvaniaand a history of building fiber optic networks across the region, “he added Jennifer Jun, Director at Oak Hill. “I have long been based in the three-state region and am excited to support NetSpeed’s mission to provide more customers with high-speed fiber connections and great customer service in previously underserved communities in NetSpeed’s existing presence and the surrounding states to supply.”
Stifel served as exclusive financial advisor and Woods Oviatt Gilman LLP served as legal advisor to NetSpeed in connection with this transaction. Paul, Weiss, Rifkind, Wharton & Garrison LLP were legal counsel to Oak Hill.
NetSpeed is a high-speed fiber optic Internet provider for residential and business customers. NetSpeed now serves more than 15 communities Pennsylvania and Connecticut. The company was founded by Frank Chiaino, who also founded Fibertech Networks, which built more than 14,000 miles of fiber optic network in the northeast – including more than 2,500 route miles in Connecticut. For more information about the company or to find out more about the service for your home or community, please visit www.gonetspeed.com.
About Oak Hill Capital
Oak Hill Capital is a private equity firm that manages funds with over $ 16 billion of initial capital commitments and co-investments since inception. Over the past 35 years, Oak Hill Capital and its predecessors have invested in approximately 100 private equity deals across broad segments of the US and global economies. Oak Hill Capital takes an industry-focused, theme-based approach to investing in the following sectors: Services, Industry, Media & Communications, and Consumers. Oak Hill actively works with management to implement strategic and operational initiatives to create franchise value. Further information is available at: www.oakhill.com.
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SOURCE Oak Hill Capital Partners