Charlotte private equity firm acquires broadband network provider
Ridgemont
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CHARLOTTE, N.C. – Ridgemont Equity Partners, a recently formed private equity firm, is acquiring a majority interest in broadband service provider Unite Private Networks.
Unite operates primarily in the Midwest, serving schools, governments, network carriers, data centers and enterprises.
Financial terms were not disclosed.
“Our arrangement to partner with the management team at UPN and serve as the equity sponsor of the company is indicative of Ridgemont’s core strategy going forward as an independent firm. UPN operates within one of our historical focus industries and fits the profile of a company with strong opportunities for growth,” said George Morgan, partner at Ridgemont, in a statement. “We were impressed with UPN’s consistent and profitable earnings, long-term customer relationships, and dedicated employee base. UPN has developed an efficient platform for growth and we are excited about the potential for the business to continue to expand and serve new markets.”
Ridgemont formed in August. The principals at Ridgemont have been involved in some $3.1 billion in investments over the past eight years while working with Bank of America.
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