Tech Valley Communications, a portfolio company of Riverside Partners, said Tuesday that it has received a new loan. No financial terms were disclosed. GE Capital and Webster Bank served as co-lenders for the transaction. According to Tech Valley, the financing will be used for growth initiatives as well as support for M & A activities. Tech Valley is a provider of fiber optic networks in upstate New York and Northern New England.
ALBANY, NY–(Marketwired – Jul 9, 2013) – Tech Valley Communications (TVC), a portfolio company of Riverside Partners, and facilities-based telecommunications service provider operating fiber optic networks in Upstate New York and Northern New England with connectivity to Canada announced today it has secured a new debt facility through GE Capital, with Webster Bank as the co-lender. The Company will use the proceeds to pursue both strategic and organic growth opportunities, including support for M&A activities, capital expenditures for further network expansion, and new service rollouts.
“This new credit facility helped fund our recent acquisition of the TelJet Longhaul fiber network in Vermont and allows us to accelerate the Company’s expansion plans as we continue to build out our network and seek additional acquisition targets,” stated Kevin O’Connor, Chief Executive Officer and co-founder of Tech Valley Communications.
“We are pleased to have secured this facility. Riverside Partners and GE Capital have a long standing and close working relationship, and we are pleased to have them and Webster Bank supporting us in our Tech Valley investment,” said Steven F. Kaplan, General Partner at Riverside Partners. “The new credit facility was used to refinance our existing indebtedness, fund the TelJet acquisition and create a solid foundation for Tech Valley’s continued growth.”
Additional information on TVC can be found at www.techvalleycom.com or by following 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 with connectivity to Canada 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, Metro Ethernet, 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 the parent company of New Hampshire-based CLEC, segTEL, and Vermont-based CLEC, TelJet. 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.