Press Release
Wire 3’s existing management team members will remain as shareholders and will continue leading the business going forward.
Wire 3, a fiber-to-the-home provider in Florida, announced has that Oak Hill Capital (Oak Hill) has acquired the company from Guggenheim Investments (Guggenheim) and committed to invest up to $250 million out of Oak Hill’s sixth flagship fund to accelerate the expansion of Wire 3’s fiber network in underserved communities across Florida.
Wire 3 provides symmetrical internet speeds of up to 10 Gbps over its state-of-the-art infrastructure, responsive local customer service, simplified pricing and reliable connectivity to homes and businesses in the communities it serves. Wire 3 is actively expanding its fiber network across Florida communities within Volusia, Brevard, Indian River, St. Lucie, Orange, and Marion counties. In addition to expanding broadband access in these communities, the company’s network expansion will create hundreds of new jobs at Wire 3 and employment opportunities for local contractors.
“We are delighted to form a new partnership with Oak Hill, an experienced investor in the broadband sector,” said Jai Ramachandran, CEO of Wire 3. “Oak Hill’s investment and expertise will help us achieve our target to expand our high-speed Internet service to hundreds of thousands of homes and businesses across Florida. Our goal is to empower communities with reliable and fast Internet access, fostering growth and digital opportunities for all.”
“Oak Hill believes that reliable, high-speed access to the Internet represents a fundamental necessity for economic growth and opportunity,” said Adam Hahn and Jeff Butler, who will join the Wire 3 board as Oak Hill directors following the transaction. “We are excited to partner with the exceptional Wire 3 management team to execute our shared goal of expanding Internet access and driving economic growth in communities across Florida.”
“We would like to thank Guggenheim for its support in the initial phase of Wire 3,” said Jeff Morse, CFO of Wire 3. “We are excited to enter our next phase of growth with Oak Hill’s backing and look forward to fulfilling our commitment to delivering the highest quality of service experience possible for our customers.”
Bank Street Group LLC served as exclusive financial advisor and Allen & Overy served as legal counsel to Wire 3 in connection with this transaction. Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to Oak Hill.
