Novacap Announces Successful Exit from Horizon Telecom
Novacap announces the closing of its sale of Horizon Telcom (“Horizon”) to Shenandoah Telecommunications Company (“Shentel”), a publicly traded broadband services provider serving customers in the mid-Atlantic United States. This marks the 2nd full exit in TMT V and follows a period of significant growth for the company.
Since Novacap’s initial investment in 2018, Horizon has become a leading regional fiber broadband service provider in Southeast Ohio, operating 7,000+ route miles of fiber network and providing high-quality connectivity solutions to residential, enterprise, and wholesale carrier customers. With the support of Novacap, Horizon successfully expanded its commercial network and services into dense, high-growth metro areas, and more recently invested capital to pursue Fiber-to-the-Home (“FTTH”) deployment in tier 3 and tier 4 markets in Ohio, positioning it well to capitalize on the significant residential opportunity in-state.
Novacap is proud of the success it has achieved in partnership with Horizon over the past five years. This transaction epitomizes Novacap’s strategy of investing in people and building trusted relationships in pursuit of a unified vision for the company.
About Horizon Telcom
Horizon is a facilities-based fiber-optic broadband service provider based in Ohio and Indiana with expanding services across the Midwest. Operating 7,200 route miles of fiber, Horizon provides high-quality and flexible connectivity solutions to residential, small to large enterprise and wholesale carrier customers. The company’s extensive network offers high-speed Ethernet, Dedicated Internet Access, Hosted Voice and UCaaS, dark fiber, wavelength, data center connectivity services and residential triple play services. Horizon’s long-standing commitment to remarkable customer care underscores its dedication to connecting its customers to their worlds with cutting-edge technology. For more information about Horizon’s brand promise, visit horizonconnects.com.
About Novacap
Founded in 1981, Novacap is a leading North American private equity firm with over C$8B of AUM that has invested in more than 100 platform companies and completed more than 150 add-on acquisitions. Applying its sector-focused approach since 2007 in Industries, TMT, Financial Services, and Digital Infrastructure, Novacap’s deep domain expertise can accelerate company growth and create long-term value. With experienced, dedicated investment and operations teams as well as substantial capital, Novacap has the resources and knowledge that help build world-class businesses. Novacap has offices in Montreal, Toronto, and New York.