OTTC to form strategic partnership with Oak Hill Capital
Phelps, NY, October 13, 2020 – Ontario & Trumansburg Telephone Companies (“OTTC”) announced today that it has entered into an agreement to form a partnership with Oak Hill Capital (“Oak Hill”) to expand its Fiber-To-The-Home (“FTTH”) network across Upstate NY, bringing high-speed internet access to underserved markets across the region. With this partnership, OTTC is poised to become a leading FTTH network provider serving residential customers in Upstate NY.
This new initiative, which remains subject to customary closing conditions, marks the second partnership between Oak Hill and OTTC. In 2017, Oak Hill acquired Finger Lakes Technologies Group (“FLTG”), a subsidiary of OTTC, which had successfully built a 3,000 mile-fiber network across Upstate NY to serve thousands of enterprise customers attracted to the resilience and high-speeds of FLTG’s modern fiber network. “During our prior partnership, we were very impressed by OTTC’s family leadership team and their commitment to enhancing fiber communications for local businesses in Upstate NY,” stated Scott Baker and Benjy Diesbach, Partners at Oak Hill. “We are excited to partner with OTTC once more to now offer state-of-the art, fiber-to-the-home connectivity to residential customers throughout the region.”
In 2019, OTTC forged a partnership with Corning Incorporated (“Corning”) and introduced the FlexNAP™ fiber system into OTTC’s communications network, which allows for rapid and reliable deployment of fiber installation for residential use. “This partnership with Oak Hill, paired with our Corning partnership, has positioned OTTC for accelerated growth and geographic expansion in the next few years,” said Paul H. Griswold, president and CEO of OTTC.
In May, OTTC completed the FTTH upgrade of the company’s entire existing network footprint. In just two years, OTTC built more than 600 miles of fiber, driving a significant increase in FTTH subscriber installations to much higher levels than typically seen by local communications companies. “We have worked very hard to deliver the best available technologies and highest levels of customer service to our local communities. While we never could have predicted the course of events of the past few months, with more people working and learning at home than ever before, we are pleased to be able to provide our customers with reliable, high-speed connectivity to meet their growing needs,” said Griswold. “Our business model was built on providing reliable technology and great service to our customers, and we will continue to hold true to these two core values throughout this partnership.”
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About Ontario Trumansburg Telephone Companies
The Ontario & Trumansburg Telephone Companies (OTTC) and their subsidiaries form the largest independently-owned telephone Company in New York State, providing phone and internet services to more than 12,000 residential and business customers. Founded in 1920, OTTC is a five generation, family-led business that keeps innovation at its core with 100 years of experience. To learn more, please contact Ashley Gustafson at 585-313-9794 or email marketing@ottctel.com.
About Oak Hill Capital
Oak Hill Capital is a private equity firm managing funds with approximately $15 billion of initial capital commitments and co-investments since inception. Over the past 34 years, Oak Hill Capital and its predecessors have invested in over 90 private equity transactions across broad segments of the U.S. and global economies. Oak Hill Capital applies an industry-focused, theme-based approach to investing in the following sectors: Media & Communications; Services; Industrials; and Consumer, Retail & Distribution. Oak Hill works actively in partnership with management to implement strategic and operational initiatives to create franchise value. For more information, please visit: www.oakhill.com.
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