GI Partners has acquired a majority stake in Blue Stream from Twin Point Capital. No financial terms were disclosed. Based in Coral Springs, Florida, Blue Stream provides gigabit-speed broadband, as well as video and voice services to residential and commercial customers in South Florida.
SAN FRANCISCO, NEW YORK, and CORAL SPRINGS, FL, June 2, 2020 – GI Partners and Blue Stream Fiber (“Blue Stream” or the “Company”), today jointly announced that GI Partners, in partnership with the Company’s CEO, Joe Canavan, has acquired a majority interest in Blue Stream from Twin Point Capital.
Headquartered in Coral Springs, Florida, Blue Stream provides gigabit-speed broadband, as well as video and voice services to residential and commercial customers in South Florida. Under Twin Point’s ownership, the Company transformed from a traditional cable business to a rapidly-growing, customer service-focused provider of fiber-based bandwidth and broadband internet services to residential and commercial customers in Florida. The investment by GI Partners will support growth in the Company’s existing markets, expansion throughout the state, and will strengthen and deepen Blue Stream’s customer service capabilities.
“Consumers in Florida want the most reliable networks and high touch customer support. Blue Stream is committed to drive ever-increasing levels of customer support and satisfaction, and to further differentiate our services from incumbents,” said Joe Canavan, CEO of Blue Stream. “Over the coming months and years, our partnership with GI Partners will ensure that we can expand and provide our great services across the entire state.”
“Reliable high-speed data in the home is critical to daily life. Blue Stream Fiber offers a superior alternative to traditional providers – both in terms of network quality and customer focus,” said Steve Smith, Managing Director of GI Data Infrastructure.
“Blue Stream is growing rapidly in one of the most exciting markets in the US. We have a great opportunity, in partnership with Joe and his team, to create value while delivering world-class service to millions of Floridians,” said Mark Prybutok, Managing Director of GI Data Infrastructure.
“It has been a great honor and privilege to partner with Joe Canavan, Mark Dineen and the Blue Stream team. Together, we built Blue Stream into a world-class gigabit services provider with a passion for providing state-of-the-art products and superior service to our customers and communities. We wish the Company continued success,” said Jonathan Friesel, a Managing Partner of Twin Point Capital.
Paul Hastings LLP acted as legal counsel to GI Partners. Lazard Middle Market acted as financial advisor to Blue Stream and Cooley LLP served as legal counsel to Twin Point Capital.
About Blue Stream Fiber
Blue Stream provides customers with the most advanced broadband and television products all over 100% gigabit capable networks. With a 40-year history of providing customers with local and high-touch customer service, Blue Stream is a welcome alternative to the incumbent providers. For more information, please visit www.bluestreamfiber.com.
About GI Partners
GI Partners is a private investment firm with offices in San Francisco, New York, Greenwich, and Chicago. The firm has raised over $21 billion in capital from leading institutions around the world to invest in private equity, real estate, and data infrastructure strategies. GI Data Infrastructure invests primarily in hard asset infrastructure businesses underpinning the digital economy. For more information on GI Partners and its entire portfolio, please visit www.gipartners.com.
About Twin Point Capital
Twin Point Capital is a principal investment firm founded by Lawrence H. Guffey and Jonathan E. Friesel in 2015 with offices in Palo Alto, CA and New York, NY. Twin Point seeks to partner with outstanding management to build market leading companies and drive strong long-term growth.