Oak Hill Capital Partners to Acquire Oxford Networks
Oxford Networks announced today that it has entered into a definitive agreement to be acquired by Oak Hill Capital Partners. Under the terms of the agreement, Oak Hill will acquire the company from its current private equity owners, Novacap and Bank Street Capital Partners. At the closing of the transaction, Oak Hill intends to combine the operations of Oxford with FirstLight Fiber. FirstLight is another Northeastern U.S. fiber provider for which Oak Hill announced an agreement to acquire from its current owner, Riverside Partners, in March 2016, subject to prior regulatory approval. Novacap, BSCP and Riverside are expected to continue as minority partners alongside Oak Hill in the holding company for FirstLight and Oxford.
Throughout its long history, Oxford has transitioned itself into a leading regional provider of fiber and cloud services through investments in its network and facilities as well as the acquisition of neighboring BayRing Communications in 2015. During Novacap’s investment period, Oxford more than doubled its core revenues and expanded its network reach to Boston, Massachusetts.
Upon completion of the Oxford and FirstLight transactions, the companies will operate in aggregate approximately 4,800 route miles of high-capacity fiber optic network and ten data centers, the majority of which are SOC 2 (Service Organization Control) compliant, in major markets across New York and New England. The transaction represents a compelling strategic fit, as Oxford’s leading presence across Maine, Southern New Hampshire and Northern Massachusetts will complement FirstLight’s strong network across New Hampshire, Vermont and New York.
The transaction is expected to close in the fourth quarter of 2016, following the satisfaction of customary regulatory approvals. Financial terms of the transaction were not disclosed.