Oak Hill Capital-backed US internet service provider Omni Fiber has secured $150m (€138m) in debt financing from Stonepeak‘s credit arm to help accelerate its expansion plan.
Founded in 2022 by management and Oak Hill, Omni Fiber is a regional fibre internet service provider with operations in over 25 markets in Ohio and Pennsylvania.
Omni Fiber said the funding from Stonepeak is expected to help fund its expansion into more communities in Ohio, Pennsylvania and Michigan.
Ryan Roberge, senior managing director at Stonepeak, said: “We are proud to partner with Omni Fiber and Oak Hill Capital to support Omni’s next phase of growth.
“Our team was thoroughly impressed with Darrick and the rest of Omni’s management team and their plans to expand Omni’s next generation fiber network to additional communities in the Midwest. We look forward to continuing our partnership with Omni and Oak Hill Capital over the long term.”
Omni Fiber’s founding CEO, Darrick Zucco, said: “We are excited about the additional opportunities this financing enables. The company’s network expansion not only brings choice to communities with limited options for reliable, ultra-high-speed internet service but also creates hundreds of new jobs at Omni Fiber and local contractors.”
Scott Baker, managing partner at Oak Hill Capital, said: “We are thrilled by the rapid growth of Omni Fiber and are committed to continuing investing behind the team as they expand their fiber services to underserved markets in Ohio, Pennsylvania, and Michigan.”
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