Court Square Capital Partners, a leading private equity firm, announced today the successful closing on the acquisition of Fibertech Networks, a leading regional provider of fiber optic bandwidth services. Court Square has acquired controlling interest in the company from Nautic Partners and Ridgemont Equity Partners. The closing was finalized November 30, 2010.
“As we prepare for the next stage of our growth, we are extremely pleased to have the backing of such a strong partner as Court Square,” said John K. Purcell, President and CEO of Fibertech. “We look forward to tapping their industry knowledge and experience as we embark on growing our business and exceeding our customers’ expectations.”
Fibertech, headquartered in Rochester, NY, is a leader in providing fiber-optic based network services throughout mid-size cities in the Eastern and Central regions of the U.S. The company recently surpassed more than $1 billion in total sales contracts sold since its inception in May 2000. In addition, Fibertech has built wholly-owned networks spanning more than 6,000 route miles and 600,000 fiber miles.
Added Purcell, “Our accomplishments over the first 10 years of business can be traced back to the support and guidance of our original investors. We are very grateful to Nautic and Ridgemont for the role they played in our success.”
This transaction was financed through a combination of equity contributed by investment funds managed by Court Square, as well as investment by the senior management of Fibertech. It also includes a senior debt facility in the amount of $270 million led by Toronto Dominion Securities and lead syndication agent M&T Bank.
Oppenheimer and Co. Inc and Duff and Phelps were the financial advisors to Fibertech Networks, Bingham McCutchen LLP and Edwards Angell Palmer and Dodge LLP were the law firms advising Fibertech, and Dechert LLP law firm advised Court Square Partners.
About Court Square Capital Partners
Court Square Capital is one of the most experienced private equity firms in the industry. Since 1980, the group has invested in over 170 transactions across a wide array of sectors including: aerospace & defense, industrials, business services, technology, telecommunications, healthcare, media and travel. Court Square Capital currently manages over $4 billion of aggregate capital commitments and is based in New York, NY. For more information please refer to Court Square’s website at www.courtsquare.com.
About Fibertech Networks
Headquartered in Rochester, N.Y., Fibertech Networks is a leader in providing fiber-optic based network services throughout mid-size cities in the Eastern and Central regions of the United States. The company was founded in May of 2000 and has built metro-area fiber networks in 23 mid-size markets in the Eastern U.S. Further information about the company can be found at www.fibertech.com.