ALBANY, NY--(Marketwired - Apr 2, 2013) - Tech Valley Communications (TVC), a portfolio company of Riverside Partners, announced today that it has signed a definitive Asset Purchase Agreement to acquire substantially all of the assets of Vermont-based TelJet Longhaul, LLC, including TelJet's fiber network and colocation facility. The transaction will create one of the largest and most dense fiber networks in Upstate New York and Northern New England. Tech Valley Communications will have more than 190,000 fiber miles and nearly 1,100 lit buildings, and will operate a network that spans New York, Northern New England (New Hampshire, Maine and Vermont) and reaches Canada.
The transaction is expected to close within the next 90 days, subject to customary closing conditions and regulatory approval.
"Acquiring TelJet's fiber network and colocation facility is very exciting news for Tech Valley Communications. These assets are complementary to our existing footprint and further our goal of operating the largest, most advanced fiber network in Northern New England and Upstate New York," commented Kevin O'Connor, Chief Executive Officer and co-founder of Tech Valley Communications.
Tech Valley Communications, founded in 1999, has been building and operating its own FirstLight® fiber optic network for over 13 years. Today, the TVC network serves carrier, wholesale and enterprise customers in Upstate New York, New Hampshire, Vermont, Massachusetts and Maine. TVC's clientele includes national telecommunications providers, CLECs, and leading enterprises, including healthcare organizations, high tech manufacturing and research facilities, financial institutions, colleges and universities, K-12 schools, public safety agencies, as well as local and state governments.
TelJet Longhaul, LLC, founded in 2002, has built one of the largest fiber networks in Northern New England. With an expert team of experienced engineers, TelJet serves wholesale and enterprise customers in Vermont, New Hampshire and Montreal, Quebec. TelJet's clientele includes CLECs and leading enterprises, including healthcare organizations, financial institutions, high tech development firms, colleges and universities, K-12 schools and media.
"TelJet's mission is to deliver the solutions necessary for our clients to compete effectively on a local and global basis -- and we will continue to hold true to that mission," stated Greg Kelly, Founder and President of TelJet Longhaul, LLC. "Now as part of TVC, we will be better equipped to fulfill that mission. This transaction provides us the resources necessary to expand our service set and capabilities in Vermont and New Hampshire, which in turn will benefit our clients and help to create new jobs throughout the region. My staff and I are looking forward to joining the TVC team and continuing to provide the outstanding service and support that our customers have come to expect."
"The growth potential created by combining the assets of TelJet with Tech Valley Communications is substantial, and we are very excited for what lies ahead not only for Tech Valley Communications, but the customer base as well," commented Steven F. Kaplan, General Partner at Riverside Partners. "With over 25 years of experience in the telecommunications, Internet, and media industries, Greg Kelly is an industry veteran. He has worked hard to build TelJet into a premier telecommunications provider serving Northern New England, and his dedication to his customers will carry through to Tech Valley Communications. This transaction will expand TVC's geographic reach and deepen relationships with both wholesale and enterprise customers."
To learn more about Tech Valley Communications, please visit www.techvalleycom.com. For more information on TelJet, please visit www.teljet.com. For more information about Riverside Partners, please visit www.riversidepartners.com
About Tech Valley Communications
Tech Valley Communications (TVC), headquartered in Albany, NY, provides fiber optic data, voice, and high-speed Internet services to enterprise, carrier and wholesale customers in Upstate New York and New England utilizing its own FirstLight® fiber optic network. TVC offers a robust suite of advanced telecommunications products, including dedicated Internet access, Metro Ethernet networks (E-LAN, E-Line), MPLS, traditional TDM solutions, SIP trunks, virtual PBX and audio-conferencing, managed commercial wireless systems, and Data Center Colocation. TVC's clientele includes national cellular providers and CLECs and many leading enterprises spanning high tech manufacturing and research, hospitals and healthcare, banking and financial, secondary education, colleges and universities, MDUs (Multi-Dwelling Units) and local and state governments. Tech Valley Communications is the parent company of New Hampshire-based CLEC, segTEL. Tech Valley Communications is a portfolio company of Boston-based private equity firm Riverside Partners.
About TelJet
TelJet Longhaul, LLC, headquartered in Williston, VT provides data, Internet and colocation services to enterprise and wholesale customers in Vermont, New Hampshire and Montreal, Quebec utilizing its own fiber optic network. TelJet offers Metro Ethernet services, Internet access, and Data Center Colocation. TelJet's clientele includes wholesale carrier customers, medium and large enterprises, healthcare institutions, financial institutions, high tech development firms, colleges and universities, K-12 schools, TV and radio media firms.
About Riverside Partners
Founded in 1989, Riverside Partners is a middle market private equity firm that focuses on growth oriented companies in the healthcare and technology industries. Riverside Partners is particularly experienced at partnering with founders, owners and management teams and it brings substantial domain expertise and operating experience to its portfolio companies. The partners at Riverside Partners have managed more than $500 million in investments in over 50 companies. The firm is currently focused on companies with revenues between $20 and $200 million and with $5-$25 million of EBITDA. For more information, please visit www.riversidepartners.com.
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