SUBSCRIBE TO TMCnet
TMCnet - World's Largest Communications and Technology Community

August 13, 2014

Ridgemont Enters into Definitive Agreement to Acquire Majority Interest in Cross River



By Anil Sharma
TMCnet Contributor



Ridgemont Equity Partners (Ridgemont), a middle market buyout and growth equity investor, has entered into a definitive agreement to acquire a majority interest in Cross River Fiber.

New Jersey-based Cross River Fiber is a dark fiber solutions provider that designs, constructs and maintains its own independent fiber optic network infrastructure.

Financial terms of the transaction, which is expected to close in the fourth quarter of 2014, were not disclosed.

As part of the pact, the company’s senior management team will retain a substantial ownership stake and remain in their current roles at the Summit, New Jersey, headquarters.

Cross River with the help of this investment expects to augment expansion of its dark fiber network into new geographic markets.

“Our partnership with Ridgemont will help ensure that Cross River has continued access to capital for growth as well as broader access to strategic and financial resources,” said Enzo Clemente, CEO of Cross River, in a statement.

Clemente said that the existing management team will continue to lead and manage the business and there will be no major changes to the company’s day-to-day business operations.

He said that Ridgemont has a terrific track record of investing alongside management teams in high-growth sectors within the communications infrastructure arena, making them an ideal partner in helping the company expand its market opportunities and enhance current business momentum.

“This transaction will mark our partnership’s fifth investment in the metro fiber industry and we believe that Cross River possesses the qualities we look for most as investors – strong management, recurring revenue, operating leverage and growth,” said George Morgan, partner at Ridgemont.

“Together, we are determined to utilize our combined experience to build a growing and high quality business,” said Morgan. 




Edited by Adam Brandt
 
More Dark Fiber Community Stories


blog comments powered by Disqus




Technology Marketing Corporation

800 Connecticut Ave, 1st Floor East, Norwalk, CT 06854 USA
Ph: 800-243-6002, 203-852-6800
Fx: 203-866-3326

General comments: tmc@tmcnet.com.
Comments about this site: webmaster@tmcnet.com.

STAY CURRENT YOUR WAY

© 2014 Technology Marketing Corporation. All rights reserved.