Antin to Invest in Empire Access and North Penn, Leading Fiber-to-the-home Broadband Providers in New York and Pennsylvania
30 March 2022 - 2:45AM
Business Wire
Network services over 92,000 addresses and
24,000 customers
Antin Infrastructure Partners (“Antin”, Ticker: ANTIN – ISIN:
FR0014005AL0) announced today that it has agreed to invest in
Empire Access and North Penn Telephone (together, “Empire”),
leading fiber-to-the-premise (“FTTP”) broadband providers in New
York and Pennsylvania.
Founded in 1896 in Prattsburgh, New York, Empire offers
high-speed FTTP internet, voice and digital TV services. With a
network of 1,280 fiber route miles servicing over 92,000 addresses
and 24,000 customers, Empire is the independent fiber provider of
choice in both Western New York and Northern Pennsylvania, with
plans to continue to expand its high speed fiber broadband
footprint across the region. In 2021, Empire was rated as the
“Fastest ISP in the U.S.” by PC Mag.
The Wagner family, which has controlled Empire since 1946, will
retain an ownership stake in the company and Brian Wagner will
remain on the company’s board of directors. Jim Baase, Empire’s
COO, will become CEO. Empire’s management, the Wagner family and
Antin share a common vision for Empire’s business plan and its
future.
Kevin Genieser, Senior Partner at Antin, commented: “We
are excited to back the Empire team in its next phase of growth.
Empire is uniquely positioned to leverage its expansive fiber
network to provide broadband services to underserved parts of New
York and Pennsylvania. We are thrilled to have Empire join Antin’s
expanding North American portfolio.”
Jim Baase, who will become CEO at Empire, added: “Empire
is one of the preeminent FTTP providers in the regions we serve and
the Empire-Antin partnership will enable us to grow more quickly.
With still a substantial opportunity ahead, we are excited to
partner with Antin to help secure that future growth and provide
high speed broadband access to consumers across our footprint.”
Guillaume Friedel, Partner at Antin, stated: “For over 75
years, the Wagners have been an integral part of bringing telecom
services to the region. We are delighted to support the company’s
employees in their mission to expand Empire’s service offering to
further underserved areas.”
Brian Wagner, CEO and member of the Empire board of
directors, added: “Ever since my grandfather Herman Wagner
purchased Empire in 1946 and North Penn in 1952, our growth, track
record of success and longevity have been entirely a credit to the
people that work here. I’m thankful for everyone’s contributions
over the years and grateful for Antin’s commitment to support the
great work of the Empire team going forward.”
Financial details of the transaction were not disclosed. The
transaction is expected to close in the second half of 2022,
subject to obtaining customary regulatory approvals.
Citizens, CIT (a division of First Citizens Bank), and Webster
Bank acted as lead arrangers on the debt financing, with Citizens
also acting as financial advisor to Antin. Weil, Gotshal &
Manges and Morgan Lewis & Bockius acted as legal advisors to
Antin. Harter Secrest & Emery acted as legal advisors to
Empire.
About Empire
Founded in 1896 and based in Prattsburgh, NY, Empire is a
regional broadband provider serving large areas of Western New York
and Northern Pennsylvania. Today, the company operates a fiber
network of 1,280 route miles servicing over 24,000 customers and
92,000 addresses, of which 95% are served by fiber. Empire offers a
wide range of products and services, including high-speed fiber
internet, voice and digital TV services. In 2017 and 2018, Empire
Access was awarded Best Internet Service Provider in the Southern
Tier region of New York. In 2021, Empire was named Fastest Internet
Provider in the U.S. by PC Mag.
About Antin Infrastructure
Partners
Antin Infrastructure Partners is a leading private equity firm
focused on infrastructure. With over €22.7 billion in assets under
management across its Flagship, Mid Cap and NextGen investment
strategies, Antin targets investments in the energy and
environment, telecom, transport and social infrastructure sectors.
With a presence in Paris, London, New York, Singapore and
Luxembourg, Antin employs over 165 professionals dedicated to
growing, improving and transforming infrastructure businesses while
delivering long-term value to portfolio companies and investors.
Majority owned by its partners, Antin is listed on Euronext Paris
(Ticker: ANTIN – ISIN: FR0014005AL0).
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Media Contacts Antin
Infrastructure Partners Nicolle Graugnard, Communication
Director Email: nicolle.graugnard@antin-ip.com
Ludmilla Binet, Head of Shareholder Relations Email:
shareholderrelations@antin-ip.com
Brunswick Email: antinip@brunswickgroup.com Tristan
Roquet Montegon +33 (0) 6 37 00 52 57 Gabriel Jabès +33
(0) 6 40 87 08 14
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