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Press Release -- November 2nd, 2010
Source: Tech Valley Communications
Tags: CLEC, Exchange, Expansion, Merger

Riverside Partners & Tech Valley Communications Management Team Finalize Acquisition of Upstate NY Telecom

ALBANY, NY / BOSTON, MA – Riverside Partners, a Boston-based private equity firm, and the management team of Tech Valley Communications announced today that they have finalized purchasing the company from its former shareholders. The previously announced transaction, which closed last week following final regulatory approvals, provides a significant investment in Tech Valley Communications, a facilities-based provider of fiber optic telecommunication services and Competitive Local Exchange Carrier (CLEC) focused on the enterprise market that is headquartered in Albany, NY.

Tech Valley Communications was founded in 1999 and has experienced steady, organic growth over the past decade. The Company expanded its local presence through the successful acquisition of GFC Communications in 2000 and subsequent merger with Mid-Hudson Communications in 2002. Today, Tech Valley Communications owns and operates an extensive fiber optic network throughout Upstate New York’s “Tech Valley” and serves most of the region’s leading enterprises. Tech Valley Communications offers a full range of services including high-speed data, Internet, voice and co-location services. The company has received a New York State Public Service Commission’s Commendation for Excellent Service each of the past six years.

“My management team and I are excited about our partnership with Riverside Partners and look forward to aggressively growing the company with the significant infusion of capital provided by Riverside. Our goal is to continue offering the highest quality, most reliable telecommunications services in the region, and accelerate our growth through the expansion of our fiber footprint and acquisitions,” said Kevin O’Connor, Chief Executive Officer and co-founder of Tech Valley Communications.

“We believe Tech Valley Communications is poised for significant growth,” said Steven F. Kaplan, a General Partner at Riverside Partners. “Kevin and his team have built the deepest fiber footprint of any CLEC in the region. Tech Valley’s FirstLight fiber network is reliable, cost effective and offers the mission critical high bandwidth services that customers are increasingly demanding. Their reputation in the market is outstanding.”

“Riverside Partners’ financial clout, strategic relationships and history of working with management will greatly augment the capabilities of Tech Valley Communications’ management team and help drive us to the next stage of success,” explained O’Connor. “We are committed to growing our business and continuing to serve large and small businesses, colleges, hospitals, public safety agencies, governments and other enterprises throughout the Tech Valley region and beyond.”

Q Advisors, a Denver-based investment bank, acted as the exclusive financial advisor to Tech Valley Communications for the transaction.

About Tech Valley Communications

Tech Valley Communications, headquartered in Albany NY, is the region’s preeminent provider of voice, data and related services over its advanced FirstLight® fiber optic and broadband wireless networks. Focusing on business enterprise and high demand customers, Tech Valley Communications owns and operates a network of over 450 route miles and over 32,000 strand miles of fiber optic cable connecting 500-plus commercial office buildings serving more than 900 customers in the Tech Valley Region of Upstate New York. For more information, please visit: http://www.techvalleycom.com

About Riverside Partners

Founded in 1989, Riverside Partners is a middle market private equity firm currently investing Riverside Partners Fund IV, L.P. The fund focuses on growth oriented companies primarily in the healthcare and technology industries. Riverside Partners is particularly experienced at partnering with founders, owners and management teams and it brings substantial domain expertise and operating experience to its portfolio companies. The partners at Riverside Partners have managed more than $500 million in investments in over 50 companies. The firm is currently focused on companies with revenues between $20 and $200 million and with $5-$25 million of EBITDA. For more information, please visit: http://www.riversidepartners.com

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