Tech Valley Communications, a portfolio company of Riverside Partners, said on Monday that it has completed its acquisition of TelJet Longhaul. No financial terms were disclosed. Based in Vermont, TelJet Longhaul is a provider of fiber optic-based telecommunications services and solutions.
ALBANY, NY–(Marketwired – Jul 1, 2013) – Tech Valley Communications (TVC), a facilities-based telecommunications service provider operating advanced fiber networks in Upstate New York and Northern New England, announced today it has completed the purchase of substantially all of the assets of Vermont-based TelJet Longhaul, LLC, including TelJet’s Vermont and New Hampshire fiber networks and its recently built colocation facility. As a result of this transaction, Tech Valley Communications now operates one of the largest and most dense fiber networks in Upstate New York, Northern New England and into Canada, totaling more than 190,000 fiber miles and nearly 1,300 lit buildings.
“This is an important day for Tech Valley Communications, our employees, customers and stakeholders,” commented Kevin O’Connor, Chief Executive Officer and co-founder of Tech Valley Communications. “This transaction allows us to extend our high capacity, low latency fiber network throughout the State of Vermont which will benefit businesses, healthcare organizations, educational institutions and government entities throughout all of the regions we serve.”
“I am pleased that the TelJet team is now part of TVC. TelJet has experienced tremendous success over the past few years, and this transaction provides access to the resources necessary to support our continued growth, which includes a planned multi-million dollar investment in our Vermont fiber network later this year,” said TelJet’s President, Greg Kelly. “It will also allow us to aggressively pursue fiber-to-the-tower opportunities and to expand our state-of-the-art colocation facility in Vermont, which is one of the only carrier-grade colocation facilities serving customers in Northern New England,” concluded Kelly.
Douglas Hyde, TelJet’s board chairman, added “TVC is a strong, highly regarded regional provider and having it focused on serving the communications needs of Vermont’s businesses and institutions is great for everyone.”
As part of this transaction, TelJet’s senior leadership and employees will continue to function in similar roles post transaction serving TVC’s Vermont customers.
“This acquisition is another step towards expanding TVC’s strong regional service offerings,” added Steven F. Kaplan, General Partner at Riverside Partners. “Since our initial investment in Tech Valley Communications more than two years ago, Riverside Partners has continued to provide the resources and guidance necessary to support TVC’s growth plans, and we will continue to do so.”
Additional information on TVC can be found at www.techvalleycom.com or by following us the Company on Twitter and LinkedIn. For more information about Riverside Partners, please visit www.riversidepartners.com
About Tech Valley Communications
Tech Valley Communications (TVC), headquartered in Albany, NY, provides fiber optic data, voice, and high-speed Internet services to enterprise, carrier and wholesale customers in Upstate New York and Northern New England utilizing its own FirstLight® fiber optic network which spans over 190,000 fiber miles connecting in excess of 1,300 lit buildings. TVC offers a robust suite of advanced telecommunications products, including dedicated Internet access, Ethernet, MPLS, traditional TDM solutions, SIP trunks, virtual PBX and audio-conferencing, managed commercial wireless systems, and Data Center Colocation. TVC’s clientele includes national cellular providers and CLECs and many leading enterprises spanning high tech manufacturing and research, hospitals and healthcare, banking and financial, secondary education, colleges and universities, MDUs (Multi-Dwelling Units) and local and state governments. Tech Valley Communications is a portfolio company of Boston-based private equity firm Riverside Partners.
About Riverside Partners
Founded in 1989, Riverside Partners is a middle market private equity firm that focuses on growth oriented companies in the healthcare and technology industries. Riverside Partners is particularly experienced at partnering with founders, owners and management teams and it brings substantial domain expertise and operating experience to its portfolio companies. The partners at Riverside Partners have managed more than $500 million in investments in over 50 companies. The firm is currently focused on companies with revenues between $20 and $200 million and with $5-$25 million of EBITDA. For more information, please visit www.riversidepartners.com.