In a parallel step, Oak Hill Capital acquires Wire 3 – a leading fiber-to-the-home provider in Florida. The partnership aims to invest $250 million in Wire 3’s network expansion, a significant move set to impact underserved communities across Florida.
Oak Hill Acquires and Invests in Wire 3
Wire 3, previously owned by Guggenheim Investments, has been acquired by Oak Hill Capital. The acquisition accompanies a commitment from Oak Hill’s sixth flagship fund to invest up to $250 million to escalate the growth of Wire 3’s fiber network in underserved communities throughout Florida.
Wire 3’s Commitment to Expansion and Job Creation
Wire 3, recognized for its responsive local customer service and state-of-the-art infrastructure, currently provides Internet speeds reaching up to 10 Gbps. The company is committed to further extending its fiber network across numerous Florida communities in Volusia, Brevard, Indian River, St. Lucie, Orange, and Marion counties. This expansion plan is anticipated to create hundreds of job opportunities both within Wire 3 and for local contractors.
Commentary from Wire 3 and Oak Hill Capital Representatives
Jai Ramachandran, CEO of Wire 3, vocalized his delight on the new partnership, looking forward to leveraging the investment and expertise from Oak Hill to expand their high-speed Internet services. Similarly, representatives from Oak Hill – Adam Hahn and Jeff Butler, believe access to reliable, high-speed internet is a fundamental necessity for economic growth. Jeff Morse, CFO of Wire 3, thanked Guggenheim for its support during Wire 3’s initial phase and expressed excitement looking towards the next phase of growth backed by Oak Hill.
In summary, the partnership between Oak Hill Capital and Wire 3 promises significant growth in Florida’s broadband sector. The $250 million investment, directed towards network expansion and job creation, is a notable stride towards bridging the digital divide in underserved Florida communities. Both parties expressed high hopes and eagerness to serve the community and their customers better.
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