Everstream Closes on $50M Investment from Consortium led by M/C Partners

Cleveland, OH/Boston, MA – October 30, 2015
Everstream Solutions LLC announced today that it has closed on its $50 million investment from Boston-based M/C Partners, investors advised by the Private Equity Group of J.P. Morgan Asset Management and Morgan Stanley Alternative Investment Partners. The investment, originally announced September 10, 2015, provides Everstream with capital for expansion, customer acquisition and the retirement of existing debt.

Everstream operates a 2,500 route mile fiber network providing access to over 800 service locations including data centers, telco hotels and wireless towers.  Investment banking firm Media Venture Partners served as an advisor on the transaction.

“Our ability to access the private equity market to fund our expected growth is key to the success of the network and our continued support of hundreds of organizations across Northeast Ohio.  This transaction also means more jobs in Cleveland, investment in the network and opportunity for our local partners,” said Brett Lindsey, President & Chief Executive Officer of Everstream.

“We have been investing in fiber providers for more than two decades, and this transaction is just the latest in a long line of investments that have consistently given us strong returns,” said Gillis Cashman, managing partner, M/C Partners.  “Everstream is representative of our current focus on expanding broadband infrastructure in attractive but underserved tier II and smaller markets.”

About Everstream

Everstream is a Cleveland based network service provider bringing fiber based EthernetInternet and data center solutions to business customers throughout Northeast Ohio. With over 2,500 miles of fiber across 24 counties and comprehensive data center connectivity at 10 Gigabit speed, Everstream delivers best-in-class network solutions while providing an unrivaled commitment to customer service.  For more information, visit Everstream.net.

About M/C Partners

M/C Partners is a private equity firm focused exclusively on the communications, media, and information technology sectors. The firm has invested over $1.5 billion into nearly 100 companies in those sectors. Companies M/C has backed include Cavalier Telephone, Fusepoint, GTS Central Europe, ICG Communications, Involta, Legendary Pictures, Lightower, MetroPCS, NuVox, Open Mobile, and Zayo Group. The firm has strong institutional backing from the nation’s leading pension funds and endowments as well as a long track record of success. M/C Partners has offices in Boston and San Francisco. For more information, visit www.mcpartners.com.

About J.P. Morgan Asset Management

J.P. Morgan Asset Management, with assets under management of $1.6 trillion, is a global leader in investment management. J.P. Morgan Asset Management’s clients include institutions, retail investors and high net worth individuals in every major market throughout the world.  J.P. Morgan Asset Management offers global investment management in equities, fixed income, real estate, hedge funds, private equity and liquidity.  JPMorgan Chase & Co. (NYSE: JPM), the parent company of J.P. Morgan Asset Management, is a leading global asset management firm with assets of approximately $2.4 trillion and operations in more than 60 countries.  Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com. J.P. Morgan Asset Management is the marketing name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

About Morgan Stanley Alternative Investment Partners

Morgan Stanley Alternative Investment Partners (AIP), part of Morgan Stanley Investment Management, specializes in assisting institutional and high net worth investors achieve their goals through the design and management of alternative investment programs.  AIP’s multi-disciplinary investment teams thoughtfully combine expertise in fund investing, secondaries and co-investing across hedge fund, private equity, real estate and multi-asset class strategies for the benefit of our clients.  Solutions include diversified and opportunistic multi-manager strategies, multi-asset class portfolios, liquid alternatives and fiduciary management.  As of September 30, 2015, AIP managed total assets of $38.0 billion, including $10.9 billion in assets in our private equity primary and secondary funds.

About Media Venture Partners

Media Venture Partners (“MVP”) is an investment banking firm serving companies in the communications, technology, media and renewable energy sectors with a comprehensive array of services, including merger and acquisition advisory, debt and equity financing, and restructuring advisory. Founded in 1987, MVP has offices in San Francisco, Boston, New York, Boulder and Kansas City.

Contacts:

For M/C Partners
Neal Stein
Technology PR Solutions
Office:  (321) 473-7407
Cell:  (321) 604-0069
nealjstein@techprsolutions.com

About Everstream

Everstream is a Cleveland based network service provider bringing fiber-based Ethernet, Internet and data center solutions to businesses throughout Northeast Ohio. We focus on delivering best-in-class network solutions while providing an unrivaled commitment to customer service. With over 2500 miles of fiber across 24 counties and comprehensive data center connectivity at 10 Gigabit speed, we provide the fastest network in the region. Everstream’s network allows businesses to operate a converged IP network capable of delivering robust voice, video, and data services at speeds from 10 mb/s to 10 gb/s.