By ET Bureau - October 12, 2020 3 Mins Read
300-mile+ fiber network with potential to expand across North Texas
Ubiquity Management, LP (“Ubiquity”), which invests in critical communications infrastructure throughout the United States, announced today that it has completed the acquisition of Millennium Telcom, LLC d/b/a OneSource Communications (“OneSource”), a provider of fiber-fed broadband services in the Dallas-Fort Worth metro, from Tri-County Electric Cooperative (“Tri-County”).
Ubiquity plans to invest substantially in OneSource and its 300-mile+ fiber network located in one of the fastest growing markets in the United States.
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OneSource is a telecommunications services company providing internet, phone and cable TV services to residential and business customers. OneSource’s fiber network is within 1,000 feet of approximately 72,000 homes and businesses, and with 6,100 existing customers, the company is positioned for significant growth.
“In OneSource we found an opportunity to acquire an existing fiber-based platform from which we can grow aggressively in a geography that is quickly becoming urbanized,” said Jamie Earp, Managing Partner of Ubiquity. “Continuing the relationship between OneSource and Tri-County was of additional strategic value to Ubiquity, and we look forward to finding ways to grow the OneSource network in Tri-County’s territory and beyond. The pace of development and the influx of residential and business customers in and around the OneSource footprint is tremendous and we are excited for the future of the company.”
Ubiquity has hired industry veteran Ken Carter to lead OneSource, bringing over two decades of communications operations and strategic leadership roles to the company. “OneSource aims to provide an enhanced customer experience and superior product set in one of the fastest growing markets in the United States. We have a lot to do, but I look forward to the challenges and opportunities it will bring as I help steer the business to expand our footprint, deliver new services, and with total focus on a mutual benefits for the customer, the community, and our investors,” said Carter.
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Ubiquity’s ownership of OneSource will provide a platform to invest significant capital going forward via new fiber development and asset acquisition opportunities. The growing residential and business population within the service territory is expected to provide both organic and expansion growth catalysts. In addition, strategic partnerships with utilities, developers and non-competitive fiber providers is expected to provide effective and efficient deployment of new fiber-based connectivity across the market.
“Acquiring companies like OneSource where we can identify areas with low fiber penetration, take advantage of local market dynamics and extract value is core to our strategy,” said Ajay Ghanekar, Managing Partner of Ubiquity. “The increasing population density along the existing fiber backbone provides a massive opportunity to better connect communities across North Texas.”
Arvest Bank provided a $15 million senior secured credit facility, to help fund the acquisition and for general corporate purposes, with the ability to increase to $30 million subject to bank approval.
CC Capital Advisors served as the exclusive financial advisor and Husch Blackwell LLP served as legal advisor to TCEC and OneSource, while Thompson Hine LLP served as legal advisor to Ubiquity. Financial terms of the acquisition were not disclosed.
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