Greenlight Networks, a fiber-to-the home (FTTH) networks provider in upstate New York, this month announced that New York-based middle-market private equity firm Oak Hill Capital has become its majority investor.
The transaction, originally announced in March of this year, provides the financial backing to accelerate Greenlight's growth in building and connecting FTTH broadband services across New York state and beyond.
"We are excited to formally launch our new partnership with Mark Murphy and the rest of the talented Greenlight management team. Oak Hill believes strongly in the significant benefits that reliable, high-speed fiber Internet access creates for all communities. We look forward to working with the Greenlight team to bring these services to many underserved cities, towns and villages across New York state and the Northeast," commented Scott Baker, a partner at Oak Hill.
Oak Hill announced plans to invest up to $300 million to expand Greenlight's network from nearly 90,000 homes currently, to more than 800,000 homes in the next few years.
"We are proud to be part of the Oak Hill family of companies as we share a common belief that wide-spread fiber deployment is necessary to provide customers with high-speed broadband connections at prices they can afford," concluded Greenlight founder and CEO Mark Murphy. "People's livelihoods and lifestyles, as well as the continued economic development of the communities we serve, rely on the expansion of fiber networks. We are excited to partner with Oak Hill Capital to bring future-proof fiber networks to hundreds of thousands of more homes."