On Friday, the rumors that Everstream was for sale came to fruition. The consortium led by M/C Partners has entered into an agreement to sell the company to AMP Capital.
Everstream has been consolidating network assets up in Michigan and Wisconsin over the past few years, acquiring GLC and Lynx Network Group. Their network now spans some 10,000 route miles of fiber across 5 states.
The question was whether a strategic buyer with its own fiber network would step up to buy the company or a private equity player would take over for the next phase. The latter possibility obviously won out.
So now we get to see what AMP Capital has in mind. Will it be more consolidation, perhaps into adjacent territories in Illinois, Indiana, etc. Or will they focus on the organic opportunities within the existing rust belt footprint.
The deal is expected to close in Q2. Financial terms were not disclosed.