One of the lesser known fiber assets in the mid-Atlantic region has a new owner. 24/7 Fiber Network has been purchased by Baltimore’s GRI Fund, and is re-launching today as 24/7 Mid-Atlantic Network.
24/7 has 500 route miles in and around Baltimore, Washington DC, and the Delmarva peninsula, a place where few national providers venture. They built out that Delmarva fiber back in 2010, but I haven’t heard much from them since. The new ownership won’t have bought this asset without being willing to fund it properly. I’m curious what GRI has planned for 24/7 Mid-Atlantic from here. COO Chris Morris is still there, while Gil Santaliz, another alumni of 4Connections back in NJ, is acting as transitional consultant – a temporary role by definition.
It’s interesting though that no national strategic buyers picked up this fiber – any of Sidera, AboveNet, tw telecom, Zayo, FiberLight or Fibertech would have made sense. I guess private equity is still paying the high multiples.
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