As the majority investor in a new fiber-to-the-premises internet provider oak hill will work with Omni Fiber to accelerate the deployment of fiber-based broadband networks in the Midwest.
CINCINNATI and MENLO PARK, California., July 22, 2022 /PRNewswire/ — Oak Hill Capital (“oak hill“) announced today that it has formed a new FTTP (Fiber-to-the-Premises) provider, Omni Fiber (“Omni” or the “Company”), to offer a new option for high-speed Internet services in small and large formats to mid-size Midwest markets historically underserved by the major phone and cable companies.
Oak Hills $250 million The commitment to Omni Fiber from its newest flagship fund, Oak Hill Capital Partners VI, will fund construction of new networks to bring state-of-the-art fiber optic Internet, television and phone service to homes and businesses in communities throughout the Midwest projects in the states Ohio, Pennsylvaniaand Michigan.
“We are pleased about the partnership oak hill and are excited to offer quality Internet access options to small and medium-sized communities in the Midwest,” said Darrick Zucco, CEO of OmniFibre. “Oak Hills Investments will fuel our growth to bridge the digital divide and create competitive choice by bringing hundreds of thousands of homes access to our future-proof, 100% fiber network. We look forward to building and maintaining a superior quality of service while supporting our new customers and communities in the years to come.”
Omni Fiber will provide affordable, symmetrical speeds of up to 2 Gbps to homes and businesses in small and medium-sized cities in the Midwest where current high-speed options are limited. Omni will deliver what customers expect from their Internet Service Provider: fast Internet speeds, reliability, full in-home coverage and world-class local customer service. Omni requires no consumer contracts and promises no hidden fees, no data caps, no installation fees, and a 30-day money-back guarantee. With Oak Hills By investing in the company, Omni does not rely on federal, state, or local government grants or subsidies to build its network.
oak hill is an experienced investor in the FTTP space and Omni Fiber’s leadership team has more than 80 years of experience building and deploying fiber optic networks. Oak Hills Recent broadband investments enabling improved fiber access in the US include MetroNet, one of the nation’s largest independent providers of 100 percent fiber optic networks; Vexus Fiber, an expanding provider in Texas, New Mexico and Louisiana; GoNetspeed in the Northeast; race communication in California; and Greenlight Networks upstate new York.
“We believe that reliable, high-speed Internet access is a fundamental catalyst for economic growth and equal opportunities for all Americans, from small towns to big cities,” he said Scott Bakerpartners at oak hill. “We have enjoyed close relationships with the founding team of Omni – Darrick Zucco, Steve Gable, BrianRoss and Andres Tovar – for many years. We are excited to officially launch our new partnership with this outstanding team as the company builds and rolls out its fiber network in the Midwest.”
Around oak hill
Oak Hill is a long-standing private equity firm focused on the North American middle market. Oak Hill applies a specialized, theme-based approach to investing in the following industry sectors: media and communications, industrial, services and consumer. The company employs a highly systematic approach to theme development, proactive creation and value creation in partnership with management to build franchises of enduring value. Since 1986, Oak Hill and its predecessors have raised approximately $20 billion in initial capital commitments and co-investments, invested in approximately 100 companies and completed more than 300 add-on acquisitions, representing a total enterprise value at the time of acquisition in excess of $60 billion . Visit www.oakhill.com for more information.
About Omni Fiber
founded in 2022, Ohio-based Omni Fiber provides 100% fiber broadband Internet, television and telephone service to residential and commercial customers in the Midwestern United States. Omni Fiber offers symmetrical speeds of up to 2Gbps, no hidden fees, no data caps, premium WiFi included, local customer service and competitive pricing. Visit www.omnifiber.com for more information.
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SOURCE Oak Hill Capital Partners