Ridgemont Equity Partners signed an agreement for a majority investment in Unite Private Networks , which provides high-bandwidth, fiber-based communications networks in 12 states. Financial terms were not disclosed. Ridgemont Equity is a Charlotte, N.C.-based middle market buyout and growth equity firm that was formed in August.
Ridgemont Equity Partners, a middle market buyout and growth equity firm, today announced it has signed a definitive agreement for a majority investment in Unite Private Networks (UPN), a leading provider of high-bandwidth, fiber-based communications networks. The financial terms of the transaction were not disclosed.
UPN specializes in providing high-capacity data communications networks and related services to schools, government, carriers, data centers and enterprise business customers. UPN currently provides service in 12 states, primarily in the Midwest U.S.
“Our partnership with Ridgemont will help ensure that UPN has continued access to capital for growth and provide broader access to strategic and financial resources. The existing management team will continue to lead and manage the business and there will be no major changes to our day-to-day business operations,” said Kevin Anderson, CEO of UPN.
Ridgemont is a private equity firm that was formed in August 2010 and specializes in middle market buyout and growth equity investments. The principals of Ridgemont have invested over $3.1 billion in more than 140 companies over the last two decades.
“Our arrangement to partner with the management team at UPN and serve as the equity sponsor of the company is indicative of Ridgemont’s core strategy going forward as an independent firm. UPN operates within one of our historical focus industries and fits the profile of a company with strong opportunities for growth,” said George Morgan, Partner at Ridgemont. “We were impressed with UPN’s consistent and profitable earnings, long-term customer relationships, and dedicated employee base. UPN has developed an efficient platform for growth and we are excited about the potential for the business to continue to expand and serve new markets.”
The transaction requires the approval of federal and state regulators and is expected to close during the 4(th) Quarter of 2010. Senior debt financing is being arranged by the Royal Bank of Canada and includes CoBank and Webster Bank. RBC Daniels acted as financial advisor and Husch Blackwell Sanders LLP acted as legal adviser to UPN. Alston & Bird LLP acted as legal advisor to Ridgemont.
About Ridgemont Equity Partners:
Ridgemont Equity Partners is a Charlotte-based private equity firm that specializes in middle market buyout and growth equity investments. Since 1993, and previously as part of Bank of America and its predecessors, the principals of Ridgemont have invested over $3.1 billion in more than 140 companies. The cohesive investment team at Ridgemont takes pride in having a collaborative, long-term, partnership-based approach to its business, striving to forge close relationships with management teams, bankers, limited partners, and other key constituents. The firm focuses on investments of $25 million to $100 million, in industries in which it has deep expertise, including basic industries, consumer & retail, energy, financial services, healthcare, and telecommunications/ media/ technology. www.ridgemontep.com.