Novacap, a Canadian private equity firm, recently announced it has finalized the acquisition of Horizon Telcom, a provider of fiber-optic bandwidth infrastructure services operating primarily in Ohio.
Novacap acquired the company from its owners at a valuation of over US$220,000,000. Horizon began as a local telephone company over 120 years ago and over the last decade has grown its fiber network from 700 route miles to 4,300 route miles and nearly 550,000 fiber miles with over 1,600 on-net locations and 16,000 near-net buildings.
“The acquisition of Horizon represents an ideal investment for Novacap to take advantage of the secular growth trends in the fiber industry,” said Ted Mocarski, a senior partner at Novacap. “Horizon is at a crucial moment in history, where it is quickly transitioning form a traditional telephone company to Ohio’s leading provider of fiber-based services. We look forward to supporting and guiding Horizon through this exciting part of its history.”
“Today, we formally kick-off our partnership with Horizon as we begin to execute on our common vision of creating a multi-state fiber-optic provider in the Midwest,” Mocarski added.
Novacap partnered with Hamilton Lane, HarbourVest Partners and RCP Advisors to complete the transaction.