ROCHESTER, NY and STAMFORD, CT, January 21, 2021 (PRNewswire)
NetSpeed LLC (“NetSpeed”), a fiber-to-the-premises operator serving residential and business customers in Pennsylvania and Connecticut, announced today that it has formed a new partnership with Oak Hill Capital (“Oak Hill”) which will allow NetSpeed to accelerate the expansion of its fiber network throughout the Northeastern U.S.
“This agreement gives NetSpeed the ability to accelerate fiber construction and significantly expand our business in the Northeast with the resources of a partner who has a long history of investing in telecommunications companies with the same vision as Netspeed,” said Frank Chiaino, Founder and CEO of NetSpeed. “I am proud of what our team has accomplished since we launched the business, but the best is yet to come. Our new partnership represents the next stage of growth for NetSpeed.” Mr. Chiaino and NetSpeed management remain significant investors in the new partnership.
NetSpeed will immediately accelerate fiber construction and double the size of its fiber network by year end 2021. “Our partnership with Oak Hill enables NetSpeed to approximately double the original growth plan for 2021 and will enable NetSpeed to approximately triple the plan in 2022 and future years, while staying committed to delivering a great customer experience” said Frank Chiaino.
Oak Hill is an experienced investor in the fiber-to-the-premises space. The firm's current and recently announced investments include Metronet, a leading fiber-to-the-premises operator based in the Midwestern U.S.; Vexus Fiber, a rapidly expanding fiber-to-the-premises provider in Texas; Race Communications, a fast-growing fiber-to-the-premises business in California; and recently announced, separate agreements to invest in Otelco and in Ontario and Trumansburg Telephone Companies, two eastern U.S. broadband companies. Oak Hill has a well-documented history of helping companies accelerate growth.
NetSpeed is a high-speed fiber-optic Internet provider serving residential and business customers. NetSpeed is now serving more than 15 communities and can service more than 72,000 homes and businesses throughout Pennsylvania and Connecticut. The company was founded by Frank Chiaino, who also founded Fibertech Networks, which built more than 14,000 miles of fiber network across the Northeast – including more than 2,500 route miles in Connecticut. For more information on the company, or to inquire about service for your residence or community, please visit www.gonetspeed.com
About Oak Hill Capital
Oak Hill Capital is a private equity firm managing funds with over $16 billion of initial capital commitments and co-investments since inception. Over the past 35 years, Oak Hill Capital and its predecessors have invested in approximately 100 private equity transactions across broad segments of the U.S. and global economies. Oak Hill Capital applies an industry-focused, theme-based approach to investing in the following sectors: Services, Industrials, Media & Communications, and Consumer. Oak Hill works actively in partnership with management to implement strategic and operational initiatives to create franchise value. For more information, please visit: www.oakhill.com