GCM Grosvenor is acquiring a ”significant ownership stake” in US fibre-optic broadband company Horizon.
The asset manager is investing an undisclosed sum through its Labor Impact Strategy and joins the existing investor group led by Canadian private equity firm Novacap TMT.
With the backing of GCM, Ohio-based Horizon will continue its growth strategy of providing fibre-based connectivity services to businesses, carriers and residential customers throughout Ohio and the greater Midwest region.
Jim Capuano, CEO of Horizon, said: “With world-class partners such as Novacap and GCM Grosvenor at our side, Horizon has a significant advantage to continue on this path of growth and transformation.
“Our new partnership will allow us to enhance our services for our existing customers while pursuing new markets in the years ahead.”
Ted Mocarski, chairperson of the Horizon board of directors and senior partner at Novacap TMT, said: “Since our investment in 2018, we have been very excited about Horizon’s growth to date. As we have supplemented the senior management team with other experienced telecom operators, the team has entered new markets and accelerated the growth of its broadband business.
“With an experienced investor like GCM Grosvenor as our new partner, we expect to continue growing throughout Ohio and the Midwest with the added ability to now provide fibre-based connectivity to residential customers.”
Matthew Rinklin, managing director at GCM Grosvenor, said: “GCM Grosvenor is excited to announce this investment in Horizon, a growing and well-positioned communications infrastructure provider with what we consider a significant competitive advantage in its region from both a cost and time-to-market perspective.”
James DiMola, executive director at GCM Grosvenor, said: “We look forward to partnering with the outstanding investment team at Novacap and the experienced management team at Horizon, who we strongly believe will leverage their proven track record, operational excellence and focus on exceptional customer service to achieve greater market share going forward.”
To read the digital edition of the latest IPE Real Assets magazine click here.
No comments yet