Cox Communications has teamed up with Ridgemont Equity Partners to invest in Unite Private Networks (UPN). Ridgemont Equity Partners is a middle market buyout and growth equity investor, based in Charlotte. The firm has planned an investment of 25 to 100 million dollars in sectors such as telecommunications, energy, and healthcare. They have already invested in more than 130 companies.
Unite Private Networks provides high-end fiber-based network services to schools, hospitals, data centers, carriers, and government enterprises as well as business customers. UPN services include private line, dark and lit fiber, Internet access, optical Ethernet, data center services, and other customized solutions. The company has a 6,200 route-mile fiber network, which offers services to around 3,750 buildings across 20 states.
President of Cox Communications, Pat Esser, said they “believe that fiber infrastructure represents an attractive area for long-term investment, particularly in underserved markets. UPN is led by a proven management team and is well-positioned to capitalize on the explosive demand for bandwidth driving growth within fiber infrastructure.”
CEO of UPN, Kevin Anderson, said, “Our relationship with Cox and Ridgemont will provide UPN with access to capital and an ability to leverage strategic insights and capabilities in order to accelerate our growth over the long-term. We are better positioned than ever to meet the growing demand among our customers for high-bandwidth fiber infrastructure solutions.”
“Since our initial investment in December 2010, we have enjoyed working with UPN’s management team to build the company into a regional leader in the fiber industry. We’re now excited to be joining forces with another industry leader, as we continue to support the UPN team. We have tremendous confidence in the company and the fiber infrastructure sector and believe the strategic relationship with Cox will help facilitate UPN’s continued growth and success,” said George Morgan, a partner at Ridgemont.
It is assumed that the existing management team will lead UPN and it will function as a standalone business along with the Cox family. However, Cox and UPN will be working together in the future projects. The project procedure is yet to get regulatory approvals.