CINCINNATI, July 16,
2024 /PRNewswire/ -- Omni Fiber, a regional Fiber
Internet Service Provider with operations in over 25 markets in
Ohio and Pennsylvania backed by Oak Hill Capital, today
announced the closing of $150 million
in debt financing from Stonepeak Credit.
Founded in 2022 by management and Oak
Hill, Omni Fiber has invested over $250 million in building an XGS-PON fiber network
and is on track to reach approximately 200,000 locations by the end
of the year. The financing from Stonepeak Credit will fund rapid
expansion into more communities in Ohio, Pennsylvania, and Michigan.
Omni Fiber launched its service in late 2022 and now serves
residential and business customers in over 25 small and mid-size
communities. Construction is in progress in over 15 additional
communities, and network design and engineering activities are
ongoing in many others.
Omni Fiber's founding CEO, Darrick
Zucco said, "We are excited about the additional
opportunities this financing enables. The company's network
expansion not only brings choice to communities with limited
options for reliable, ultra-high-speed Internet service but also
creates hundreds of new jobs at Omni Fiber and local contractors.
The halo effect on economic development for the impacted towns is
significant."
Scott Baker, Managing Partner at
Oak Hill Capital, added "It has been a uniquely rewarding
experience to partner with Darrick and his talented leadership
team. We are thrilled by the rapid growth of Omni Fiber and are
committed to continuing investing behind the team as they expand
their fiber services to underserved markets in Ohio, Pennsylvania, and Michigan."
Ryan Roberge, Senior Managing
Director at Stonepeak, added "We are proud to partner with Omni
Fiber and Oak Hill Capital to support Omni's next phase of growth.
Our team was thoroughly impressed with Darrick and the rest of
Omni's management team and their plans to expand Omni's next
generation fiber network to additional communities in the Midwest.
We look forward to continuing our partnership with Omni and Oak
Hill Capital over the long-term."
With the additional funding, Omni Fiber expects to accelerate
the pace of expansion and announce more communities in the next few
months.
About Omni Fiber
Omni Fiber was founded in 2022 and is
backed by Oak Hill Capital, one of the largest investment firms in
the telecommunications industry. Based in Ohio, Omni Fiber is led by a leadership team
with 100+ years of combined industry experience and provides 100%
fiber-optic broadband Internet, TV, and Phone services to
residential and business customers in the Midwestern United States.
Omni Fiber offers symmetrical speeds of up to 10 Gbps, no hidden
fees, no data caps, Premium Wi-Fi included, local customer service,
and competitive pricing. For more information, please visit
www.omnifiber.com.
About Oak Hill Capital
Oak
Hill is a longstanding private equity firm focused on the
North America middle-market.
Oak Hill applies a specialized,
theme-based approach to investing in the following dedicated
industry sectors: Media & Communications, Industrials,
Services, and Consumer. The Firm implements a highly systematic
approach to theme development, proactive origination, and value
creation in partnership with management to build franchises of
lasting value. Over the past 35+ years, Oak Hill and its predecessors have raised
approximately $20 billion of initial
capital commitments and co-investments, invested in approximately
100 companies, and completed more than 300 add-on acquisitions
representing an aggregate enterprise value at acquisition of over
$60 billion. For more information,
please visit www.oakhill.com.
About Stonepeak
Stonepeak is a leading alternative
investment firm specializing in infrastructure and real assets with
approximately $71.2 billion of assets
under management. Through its investment in defensive, hard-asset
businesses globally, Stonepeak aims to create value for its
investors and portfolio companies, with a focus on downside
protection and strong risk-adjusted returns. Stonepeak provides
capital, operational support, and committed partnership to grow
investments in its target sectors, which include communications,
energy and energy transition, transport and logistics, and real
estate.
Stonepeak is a sponsor of private equity and credit investment
vehicles. Stonepeak Credit provides credit solutions to
infrastructure sponsors and companies.
Stonepeak is headquartered in New
York with offices in Hong
Kong, Houston, London, Singapore, and Sydney. For more information, please visit
www.stonepeak.com.
Omni Fiber Media Contact:
Andres Tovar
andres.tovar@omnifiber.com
513-480-9610
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SOURCE Omni Fiber