LOGIX Fiber Networks Announces $100 Million Capital Commitment for 5G Growth Initiatives and Network Evolution Throughout Texas
LOGIX Fiber Networks ("LOGIX"), the largest independent fiber provider in Texas, has secured $100 million in capital commitments from its partners Astra Capital Management ("Astra") and funds managed by O'Connor Capital Solutions, the private credit unit of UBS O'Connor LLC, to fund key customer-driven growth initiatives, support an accelerated network evolution plan and refinance a portion of its senior debt.
LOGIX has a long history of delivering an enterprise-grade fiber network and comprehensive connectivity solutions with speed, reliability, and performance. The company serves enterprise and carrier customers with over 7,000 route miles and nearly 300,000 fiber miles in and between Dallas-Fort Worth, Austin, San Antonio and Houston ("DASH" markets).
Craig Collins, LOGIX's Chief Executive Officer, said, "We are excited about the growth platform we've created and look forward to this new phase in our evolution. This is a critical step in aggressively building upon LOGIX's reputation as the premier business fiber provider in Texas and this commitment will help us to continue growing our enterprise and carrier fiber network, expand into new markets, serve more customers, and create value for all stakeholders."
Proceeds will be used to support LOGIX's core customer segments through network build and cost rationalization programs, including 5G wireless backhaul services, data center support and increased penetration of owned fiber network services throughout the company's footprint. Coupled with a strong and growing economy in Texas, demand for LOGIX's services has increased dramatically in recent years as wireless carriers race to deploy and support 5G networks, data center providers offer increased access to cloud services, and enterprises and end users exponentially increse their content consumption.
Mark Johnson, Managing Partner at Astra, said, "We believe the Texas market is poised for explosive growth in broadband and are excited to help LOGIX and its partners provide these essential services."
"We are thrilled to be supporting LOGIX at a time when the platform is pursuing several exciting growth opportunities across its customer segments," said Greg Najarian, Executive Director at O'Connor Capital Solutions.
Houlihan Lokey and Debevoise & Plimpton LLP served as advisors to LOGIX.
About LOGIX Fiber Networks
LOGIX Fiber Networks is the largest independent fiber network provider in Texas, providing highly secure fiber-based data, voice services, and data center access to over 8,000 enterprise and carrier customers and connecting nearly 100 data centers across Texas.
With a 35-year history and known for its outstanding Texas-based customer service, flexible and fast connectivity options, and best-in-class reliability due to its built-for-business fiber network, LOGIX offers a broad range of business voice and data options. Services include Business Voice, Business Internet, Business Ethernet, Business Wavelength, Business Voice Cloud, Business Voice Trunks, Data Centers, and Cloud Connect. For more information call 281-336-9006 or visit logix.com.
About Astra Capital Management
Astra Capital is a Washington, DC-based, private equity firm that invests in growth businesses in the communications and technology services sectors. Astra targets highly scalable companies with proven business models that have positive free cash flow and significant growth potential. Post investment, Astra works closely with managers to drive value creation through strategic repositioning, revenue growth and operational enhancements. www.astracapitalmgmt.com
About UBS O'Connor
O'Connor is a multi-strategy hedge fund manager within UBS Asset Management, with complete independence in regard to investment decision-making. O'Connor has over 40 years of institutional experience in trading and market making and 20 years' experience as a hedge fund manager with a strong focus on relative value investing and risk management. O'Connor's capabilities cover a wide range of investment programs and manage over USD 11.4 billion in assets (as of April 1, 2022) on behalf of institutional and high net worth clients. The firm has a global operating platform with offices located in New York, Chicago, Stamford, London, Hong Kong, Shanghai and Singapore.
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