Everstream Grows Into Super-Regional Network
Acquisition makes Everstream a 9,000-mile Midwest fiber provider
Cleveland, Ohio/East Lansing, Michigan (May 2, 2016) – Ohio-based fiber network operator Everstream Solutions, LLC (Everstream) was declared the winner in the bidding for the assets of Great Lakes Comnet and Comlink (GLC), a Michigan-based fiber network operator and provider of network and cloud services. The transaction will add more than 6,500 route miles of fiber to Everstream’s footprint, which consists of a 2,500 route mile fiber network that provides access to more than 800 service locations, including data centers, telco hotels and wireless towers.
“This acquisition allows Everstream to continue our aggressive growth strategy, and deliver on our commitment to serving local businesses with local networks,” said Brett Lindsey, President & Chief Executive Officer of Everstream. “The addition of the GLC fiber assets provides an outstanding platform for ongoing expansion to support our current and future customers.”
GLC voluntarily filed under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court on January 25, 2016. The bankruptcy court sale hearing to confirm Everstream’s $32.4M purchase of the assets is on May 10th and closing the transaction is scheduled for mid-May once regulatory approvals are completed.
Everstream has hired Pat O’Leary as Executive Vice President & General Manager for the Michigan markets. “Pat brings decades of experience in Michigan with vast knowledge of the individual nuances in each market and the competitive landscape. He will be a great asset to our organization and will provide key leadership to the integration of the GLC assets into Everstream,” said Lindsey.
To complete the transaction with GLC, Everstream has secured commitments for $70 million from its existing equity investors and senior debt lead by Webster Bank’s TMT practice. In October 2015, Everstream closed on a $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.
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 2,500 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 mbps to 10 gbps.