Everstream Solutions Acquisition to Fuel Network Growth

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AMP Capital, a global investment manager based in Australia, is buying Everstream Solutions, a network service provider bringing fiber-based Ethernet, internet and data-center services to businesses throughout the Midwest.

M/C Partners, a Boston-based private equity firm, and additional investors have entered into a definitive agreement to sell Everstream to AMP. Terms were not disclosed.

Everstream’s Brett Lindsey

Brett Lindsey, Everstream’s president and CEO, tells Channel Partners his company will continue on “our plan to consolidate the Midwest, providing more opportunity for our partners to sell fiber-based services across an expanded footprint.” This is AMP’s first North America fiber asset acquisition.

“Partners will have access to a larger network as we expand organically, through acquisitions and new greenfield markets,” he said.

The transaction is expected to close in the second quarter once AMP Capital gets necessary regulatory approvals. Everstream plans to use the investment from AMP for acquisitions and to fund organic network growth and development.

The acquisition won’t impact how Everstream works with its partners and their customers, Lindsey said, adding “only that they will have access to a larger network as we expand organically, through acquisitions and new greenfield markets.”

AMP’s U.S. infrastructure equity investments include Chicago’s Millennium Garages, the largest underground parking system in the country, and ITS ConGlobal, a 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, AMP’s head of Americas infrastructure equity. “Our focus remains on the middle market, which is where we see the greatest value and opportunity. Communications infrastructure has become an essential service in the modern world, including fiber, wireless and data centers.”

M/C has been investing in the fiber industry for more than 30 years and has worked with Lindsey on three transactions in the last 15 years, said Gillis Cashman, M/C’s managing partner and member of the Everstream board of directors.

With more than 10,000 route miles and data-center connectivity at 100 Gigabit speed, Everstream’s network allows businesses to operate a converged IP network capable of delivering voice, video and data services at speeds from 10 Mbps to 100 Gbps.