Novacap to Acquire Horizon Telcom
Novacap TMT, one of Canada’s leading private equity firms, today announced it has entered into a definitive agreement to acquire Horizon Telcom, a premier provider of fiber-optic bandwidth infrastructure services operating primarily in Ohio. Under the terms of the agreement, Novacap will acquire the company from its current owners, which is comprised of over 280 shareholders. At the closing of the transaction, Novacap will continue to work with the existing management team and invest to grow the business throughout the region, while it continues to provide the highest quality of service to its customers.
“We are excited about the outstanding performance Horizon has delivered for its stakeholders resulting from the company’s strategic vision to become Ohio’s premier provider of fiber-based services, and we are looking forward to participate in the next phase of the company’s growth,” said Ted Mocarski, a Senior Partner at Novacap. Horizon began as a local telephone company over 120 years ago. Throughout its long history, Horizon transitioned itself into a leading regional provider of fiber-optic based services through significant investments in its state-of-the-art network and facilities.
Upon completion of the acquisition and the finalization of new fiber builds, Horizon will operate 550,000 strand miles of fiber and 4,500 route miles of fiber in six states. With additional capital, Horizon intends to enhance its presence in the Columbus, Ohio market and extend its existing network closer to customer premises.
“Horizon has constructed a first-rate fiber-optic network and developed an outstanding reputation with customers,” added Mocarski. “The acquisition of Horizon will represent the stepping-stone for Novacap’s vision of creating a multi-state fiber-optic provider in the Midwest. Horizon will continue to strive to offer comprehensive solutions to regional enterprises and telecommunications carriers, while also maintaining focus on providing the highest levels of customer service to the company’s local business communities.”
The transaction is expected to close in the second quarter of 2018, following the satisfaction of customary regulatory approvals. Financial terms of the transaction were not disclosed.
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