Evansville-based MetroNet has announced that funds managed by investment firm KKR will be joining partner Oak Hill Capital in New York as investors in MetroNet. As part of the deal, MetroNet says Oak Hill and KKR will each make new investments to help accelerate growth in connecting fiber-to-the-premise services.
This year, MetroNet says it launched services in its 9th state as part of efforts to expand its fiber footprint to local communities around the country.
“We value our long-standing partnership with Oak Hill and are proud to welcome our new investors at KKR,” said John Cinelli, chief executive officer of MetroNet. “The additional investments from Oak Hill and KKR will drive growth that further bridges the digital divide by providing hundreds of thousands of additional households access to world class and future proof 100% fiber optic services for living, learning, and connecting to each other. We look forward to maintaining our commitment to excellence in serving our customers and communities.”
Oak Hill has been a partner with the MetroNet team since 2014. Other Oak Hill broadband investments to enable increased fiber access in the U.S. include Vexus Fiber, a rapidly expanding provider in Texas and surrounding states, Future Fiber Holdings in the Northeast, and Race Communications in California and surrounding states.
“We believe that reliable, high-speed access to the Internet represents a fundamental underpinning of economic growth and equal opportunity for all Americans, from small towns to big cities,” said Benjy Diesbach and Scott Baker, partners at Oak Hill. “We are excited to build upon our seven year partnership with MetroNet’s outstanding management team, led by John Cinelli, as the company expands its fiber network to many more underserved American communities.”
KKR will be making the investment in MetroNet through its global infrastructure strategy.
Financial terms of the deal were not disclosed.