Private Equity has found some more infrastructure to buy. The Montreal-bsed private equity firm Novacap is apparently acquiring Oxford Networks for a price tag of $50M. It is the second bit of fiber and network M&A news up in New England for the week, following Last Mile Solutions move in Boston.
Oxford is based up in Maine, and has been making the transition from traditional telecom services to fiber, data center and the cloud in recent years. A few years ago they completed a fiber backbone up to Bangor from Boston, a route that most national carriers have never been interested in serving. The followed that up with the purchase of a data center business.
But the transition has not been easy. Oxford posted a loss in 2012, after which it had to cut 10% of its staff, reducing headcount to about 120 today. In Novacap’s hands, the company will presumably find deeper pockets with which to continue its evolution.
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