Aug 30 2010
Provider of fiber-optic bandwidth solutions, Fibertech Networks has signed an agreement for Court Square Capital Partners to acquire the company.
According to the deal, Court Square, a private equity firm, will buy Fibertech Networks from the original investors, the Ridgemont Equity Partners team, and the Nautic Partners.
The agreement has been sanctioned by Court Square Capital Partners and the Board of Directors of Fibertech. The transaction for the agreement is anticipated to be closed by the later half of 2010, after the regulatory approvals. It will be funded by Fibertech’s senior management, new debt facilities, and equity from Court Square managed investment funds.
Fibertech’s Chief Executive Officer, John K. Purcell stated that the agreement will enable the company to continue functioning as a private firm and serve its customers, meeting their expectations. He added that the company has the flexibility to develop and broaden the business with the help of Court Square, which has a long investment history in the technology and telecom market.