TMCnet News
AMP Capital Announces Entry into a Definitive Agreement to Purchase EverstreamEverstream Solutions LLC ("Everstream"), a super-regional network service provider bringing fiber-based Ethernet, internet and data center solutions to businesses throughout the Midwest, announced today that its current investors-M/C Partners, a Boston-based private equity firm, and its limited partners including investors advised by the Private Equity Group of J.P. Morgan Asset Management and Morgan Stanley Alternative Investment Partners-have entered into a definitive agreement to sell Everstream to AMP Capital. Terms were not disclosed. "Our team is very thankful to M/C for the opportunity to partner with them and deliver an outstanding result to their investors," said Brett Lindsey, President and Chief Executive Officer, Everstream. M/C initially acquired Everstream from a non-profit in 2015 and has since supported the business in its accelerated organic growth strategy as well as its acquisitions of two major Michigan-based fiber network operators. "We are excited to join forces with AMP Capital," Lindsey continued. "With their support, Everstream looks forward to continued positive growth through acquisitions, greenfield network builds and organic growth in our existing markets." AMP Capital is a global investment manager headquartered in Australia with a growing international presence, including in North America. In the U.S., AMP Capital has offices in New York, Chicago and Irvine, California. Its U.S. infrastructure equity investments include Chicago's Millennium Garages, the largest underground parking system in the U.S., and ITS ConGlobal, a leading shipping and intermodal terminal operator. "Everstream will be our platform for the consolidation of telecom assets in North America and we are excited about the opportunity to invest in the U.S. telecom sector and grow the business," said Dylan Foo, Head of Americas Infrastructure Equity, AMP Capital. "We continually look for quality investments on behalf of our clients. Our focus remains on the middle market, which is where we see the greatest value and opportunity," Foo continued. "Communications infrastructure has become an essential service in the modern world, including Fiber, Wireless and Data Centers. AMP Capital has a strong global pedigree in this target sector, and we are pleased to secure our first North American Fiber asset." The transaction is expected to close in the second quarter of 2018 once necessary regulatory approvals are obtained. Everstream plans to utilize the investment from AMP Capial for acquisitions and to fund organic network growth and development. "M/C has been investing in the fiber industry for over three decades and has worked with Brett on three transactions in the last 15 years," said Gillis Cashman, Managing Partner, M/C Partners, and member of the Everstream Board of Directors. "We couldn't be happier with the outcome of this investment and for the Everstream team." Evercore and MVP Capital served as lead financial advisers to Everstream and M/C Partners in connection with the transaction. Choate, Hall & Stewart and Thompson Hine served as legal counsel to Everstream and M/C Partners. Goldman Sachs served as financial advisor to AMP Capital and White & Case served as legal counsel.
About Everstream
About AMP Capital
About M/C Partners
About J.P. Morgan Asset Management
About Morgan Stanley Alternative Investment Partners Morgan Stanley Investment Management, together with its investment advisory affiliates, has 608 investment professionals around the world and $482 billion in assets under management or supervision as of December 31, 2017. Morgan Stanley Investment Management strives to provide outstanding long-term investment performance, service and a comprehensive suite of investment management solutions to a diverse client base, which includes governments, institutions, corporations and individuals worldwide.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180312005997/en/ |