PE Deals

Morrison & Co-led investor group to acquire FiberLight

Other investors in this deal include Australian Retirement Trust and a managed client of UBS Asset Management.

-
  • The seller is Thermo Companies
  • The investment will be used to accelerate FiberLight’s network expansion
  • FiberLight CEO Christopher Rabii will continue to lead the business

An investor consortium led by Morrison & Co has agreed to acquire FiberLight, a fiber infrastructure provider. Other investors in this deal include Australian Retirement Trust and a managed client of UBS Asset Management. The seller is Thermo Companies. No financial terms were disclosed.

The investment will be used to accelerate FiberLight’s network expansion.

Headquartered in Atlanta, the FiberLight network comprises approximately 18,000 route miles of fiber infrastructure, servicing customers in over 30 metropolitan areas, principally in the major markets of Texas and the Northern Virginia area, the largest data center market in the world.

Moving forward, FiberLight CEO Christopher Rabii will continue to lead the business.

On the deal, Rabii said in a statement: “With our existing backbone infrastructure and unmatched density across the markets we serve, FiberLight is well equipped to deploy a multitude of solutions to ensure our customers can meet their growing bandwidth needs. Morrison & Co is our ideal new partner to support our growth strategy due to its commitment of capital and resources and shared belief that fiber infrastructure is the key to bridging the digital divide and rapid expansion required to meet the extraordinary long-term demand.”

Morrison & Co’s investment in FiberLight marks its first investment in the North American digital infrastructure market and third in the North American market, following investments in Longroad Energy and Clearvision Ventures. Morrison & Co opened its New York office in 2021 and has since expanded the team to 10 investment professionals, including Morrison & Co’s Chief Investment Officer William Smales.

Bank Street served as exclusive financial advisor to FiberLight while Taft served as legal counsel. TD Securities served as financial advisor to Morrison & Co with Torys LLC providing legal counsel.

Founded in 1988. Morrison & Co manages multiple client mandates, with total funds under management of over $17 billion at 31 March 2022.