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AMP Capital buying Everstream
Posted on Tuesday, 13 March 2018 12:59
Australia-based AMP Capital is set to purchase US fibre optic telecommunications services provider Everstream Solutions for an undisclosed sum.
The deal will provide an exit for an M/C Partners-led consortium, which also includes investors advised by JP Morgan Asset Management and Morgan Stanley Alternative Investment Partners.
Completion is slated for the second quarter of 2018 and will be subject to the usual raft of approvals from the relevant regulatory bodies.
Boston-based private equity firm M/C Partners, which initially bought the target from a non-profit organisation in 2015, has invested more than USD 2.20 billion of capital into over 130 companies since it was founded in 1986.
Cleveland-headquartered Everstream provides fibre-based ethernet, internet and data centre services to businesses and claims to offer the fastest and most reliable network in the region.
It has more than 10,000 route miles, as well as comprehensive data centre connectivity at speeds of 100 gigabit per second, serving Illinois, Indiana, Michigan, Ohio, and Wisconsin.
These fibre optic systems enable clients to operate a converged internet protocol (IP) network that can support the use of voice, video, and data services.
Everstream also has two 24-hour support centres, from which engineers monitor, manage, and maintain visibility and control over these connections.
The company plans to use the investment from AMP Capital to finance acquisitions, further organic market growth, and greenfield network builds.
Although headquartered in Sydney, the buyer has a growing US presence, with offices in New York, Chicago and Irvine, California and infrastructure investments including Millennium Garages, the country’s largest underground parking system.
Head of Americas infrastructure at the firm, Dylan Foo, said: “Communications infrastructure has become an essential service in the modern world, including fibre, wireless and data centres”.
Foo added that Everstream will be its first fibre asset in North America and a “platform for the consolidation of telecom assets” in the continent.
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