LONGUEUIL, QC – Canadian private equity firm Novacap has finalized it acquisition of Ohio-based telco Horizon Telcom for US$220 million.
Horizon provides fibre-optic bandwidth infrastructure services operating primarily in Ohio, with a fibre network from 700 route miles to over 4,300 route miles and nearly 550,000 fibre miles with over 1,600 on-net locations and 16,600 near-net buildings. Novacap announced the proposed purchase in January.
Novacap senior partner Ted Mocarski said Monday that the two entities share a “common vision of creating a multi-state fiber-optic provider in the Midwest.”
"The acquisition of Horizon represents an ideal investment for Novacap to take advantage of the secular growth trends in the fiber industry," said Mocarski, in the news release. "Horizon is at a crucial moment in its history, where it is quickly transitioning from a traditional telephone company to Ohio's leading provider of fiber-based services. We look forward to supporting and guiding Horizon through this exciting part of its history."
"We are excited to take advantage of Novacap's experience as a successful investor in regional fiber-optic providers such as Oxford Networks, FirstLight Fiber and Fibrenoire," added Horizon president and CEO Bill McKell. "We are grateful to have a partner who can provide the resources necessary to achieve our vision to be the premier provider of broadband services throughout Ohio and surrounding states. Novacap is already encouraging us to look more aggressively at growth opportunities, which includes expanding our network in Columbus and other metropolitan markets in order to enhance our enterprise offering."
