NOVACAP announces the sale of Oxford Networks to Oak Hill Capital Partners
January 05, 2017
LONGUEUIL, Quebec, January 5, 2017 – NOVACAP, one of Canada’s leading private equity firms, is pleased to announce the sale of its portfolio company Oxford Networks (“Oxford”), a leading fiber-optic bandwidth infrastructure services provider operating in Maine, New Hampshire and Massachusetts, to Oak Hill Capital Partners (“Oak Hill”). Financial terms of the transaction are not being disclosed.
Oxford began as a local telephone company over 100 years ago. Throughout its long history, the company has transitioned itself into a leading regional provider of fiber and cloud services through investments in its network and facilities. Oxford is today the largest competitive telecommunications and cloud services provider in Northern New England.
“It has been a privilege partnering with Craig Gunderson and his outstanding team, whose contribution was fundamental to the growth of the company. Over the past two years, Oxford has more than doubled its revenues and profitability. This partnership is a perfect example of NOVACAP’s strategic, operational and financial value add in a company’s development plan, enabling it to reach the highest industry standards,” said Ted Mocarski, Senior Partner at Novacap.
Oxford’s President and CEO, Craig Gunderson, said, “We thank Novacap for being a tremendous partner over the last years and we deeply appreciate the contributions made by the entire team. Novacap’s counsel and support have been instrumental to the development and growth of the business. We look forward to working with Oak Hill to continue Oxford’s extraordinary growth and achieve the next level of success.”
Founded in 1981, Novacap is a leading private equity firm in Canada with over $1.6 billion of assets under management. The Firm’s unique partnership approach with entrepreneurs, based on deep operational expertise and active management of its investments, has helped accelerate growth and maximize value of companies across North America. With an experienced management team and substantial financial resources, Novacap is well positioned to continue building world-class companies. For more information, visit www.novacap.ca.
About Oxford Networks
Oxford Networks is an award-winning technology solutions provider based in Lewiston, Maine. With a fiber optic network backbone spanning from Bangor to Boston, and high-security data centers located in Brunswick and Bangor, Maine, and two in Portsmouth, New Hampshire, Oxford Networks provides end-to-end technology solutions for companies in New England and beyond. The company’s services and products include data center services, managed IT services, voice, Internet, and carrier services. For more information, visit www.oxfordnetworks.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.
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