Strategic Move Enhances FirstLight's Growth and Significantly Increases New York Network
ALBANY, NY--(Marketwired - Mar 6, 2017) - FirstLight Fiber ("FirstLight"), a leading fiber-optic bandwidth infrastructure services provider operating in the Northeast, today announced its intent to acquire Finger Lakes Technologies Group ("FLTG"), a subsidiary of Trumansburg Telephone Company (TTC). FLTG provides data, Internet and voice solutions to business customers in New York and Pennsylvania through its fiber network. FirstLight recently announced similar transactions with Oxford Networks and Sovernet Communications.
The decision to acquire FLTG further positions FirstLight as one of the leading fiber optic communications providers in the Northeast. The transaction will merge FLTG's privately owned fiber optic network, which spans nearly 2,500 route miles in New York state and Pennsylvania, with FirstLight's more than 9,500 route mile fiber network and complete portfolio of data, Internet, data center, cloud, and voice services, backed by strong, locally-based service and support. FirstLight will offer increased fiber density in the Upstate New York area, and expand its services in the Northern Pennsylvania region.
"For over a century, FLTG has built solid, long-standing relationships with its customers by consistently offering its expertise, responsiveness, flexibility and innovation," said FLTG President and CEO Paul H. Griswold, "By combining operations with FirstLight, we are starting an exciting new chapter in the FLTG story. As a technology provider, value added reseller, and Cisco Premier Certified Partner, our company has taken much pride in developing custom communications and data networking solutions to meet customers' specific business needs. This opportunity brings forth added capabilities to our clients, and allows us to enhance our services. FirstLight shares our steadfast commitment to our customers and focus on building lasting customer relationships. Together, we anticipate a productive and successful future."
"This transaction is another exciting and strategic step forward for FirstLight, as it directly supports our long-term growth objectives to increase fiber density and continually enhance our capabilities to the benefit of our enterprise and carrier customers," commented Kurt Van Wagenen, President and CEO of FirstLight. "By combining the impressive assets, resourcefulness, professionalism and commitment of FLTG with FirstLight, we will not only deliver expanded services to our existing customers, but we will also offer high-quality business connectivity solutions to a growing base of new business customers."
Scott Baker and Benjy Diesbach, Partners at Oak Hill and members of the FirstLight Board of Directors, added, "Finger Lakes is a growing company with a solid track record of success, especially in serving the needs of enterprise customers. FLTG's network complements our recently announced acquisition of Sovernet Communications and builds on our growing momentum by adding an expanded network in New York, a solid customer base and an enhanced services suite, enabling us to further execute upon our business plan."
The transaction is expected to close in the third quarter of 2017, following the satisfaction of customary regulatory and shareholder approvals. Financial terms of the transaction were not disclosed.
FirstLight, headquartered in Albany, New York, provides fiber-optic data, Internet, data center and voice services to enterprise and carrier customers throughout the Northeast connecting more than 5,000 locations in service with an additional 20,000 locations serviceable by our more than 9,500 route mile fiber network. FirstLight offers a robust suite of advanced telecommunications products featuring a comprehensive portfolio of high bandwidth connectivity solutions including Ethernet, wavelength and dark fiber services as well as dedicated Internet access solutions, data center, cloud and voice services. FirstLight's clientele includes national cellular providers and wireline carriers and many leading enterprises, spanning high tech manufacturing and research, hospitals and healthcare, banking and financial, secondary education, colleges and universities, and local and state governments.
About Finger Lakes Technologies Group
Finger Lakes Technologies Group Inc. is continuously expanding its privately owned 2,500-mile, fiber-optic network to serve the Upstate New York region. FLTG provides state-of-the-art voice, data and Internet solutions to business customers across New York State and Pennsylvania. The company is certified in all Cisco solutions. A subsidiary of Trumansburg Telephone Companies, FLTG brings to its customers a more-than-100-year history in telecommunications. Headquartered in Victor, FLTG and its parent companies employ 140 people combined and have offices in Buffalo, Binghamton, Norwich, Phelps, Romulus and Trumansburg. Visit http://www.fltg.com.
About Oak Hill Capital Partners
Oak Hill is a private equity firm managing funds with more than $9.5 billion of initial capital commitments since inception from leading entrepreneurs, endowments, foundations, corporations, pension funds, and global financial institutions. Over the past 30 years, the professionals at Oak Hill and its predecessors have invested in 81 significant private equity transactions across broad segments of the U.S. and global economies. Oak Hill applies an industry-focused, theme-based approach to investing in the following sectors: Consumer, Retail & Distribution; Industrials; Media & Communications; and Services. Oak Hill works actively in partnership with management to implement strategic and operational initiatives to create franchise value. For more information, please visit www.oakhillcapital.com.
Statements included herein may constitute "forward-looking statements", which relate to future events, the future performance, or financial condition of FirstLight following the acquisition of Finger Lakes Technologies Group. These statements are not guarantees of future performance, condition, or results and involve a number of risks and uncertainties. Actual results and condition may differ materially from those in the forward-looking statements as a result of a number of factors.
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