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Investment firm acquiring tech company
A tech company with a West Michigan presence has entered an agreement to be acquired by a global investment firm.
Cleveland-based Everstream Solutions, a fiber-based network provider with a Grand Rapids office, said last week it will be purchased by Sydney, Australia-based AMP Capital later this year.
Everstream’s investors — Boston-based M/C Partners and its limited partners, including investors advised by the Private Equity Group of J.P. Morgan Asset Management and Morgan Stanley Alternative Investment Partners — recently entered a definitive agreement to sell Everstream to AMP Capital.
Terms of the deal were not disclosed.
“We are excited to join forces with AMP Capital,” said Brett Lindsey, president and CEO, Everstream. “With their support, Everstream looks forward to continued positive growth through acquisitions, greenfield network builds and organic growth in our existing markets.”
The transaction is expected to close in the second quarter of 2018 once necessary regulatory approvals are obtained.
“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, head of Americas infrastructure equity, AMP Capital.
Evercore and MVP Capital served as lead financial advisors to Everstream and M/C Partners in connection with the transaction.
Choate, Hall and Stewart and Thompson Hine served as legal counsel to Everstream and M/C Partners.
Goldman Sachs served as financial advisor to AMP Capital, and White and Case served as legal counsel.
Everstream’s network provides Ethernet, internet and data center solutions to businesses throughout the Midwest.
The company also has offices in Lansing and Akron, Ohio.
Everstream has more than 10,000 route miles of fiber and offers data services at speeds from 10 Mbps to 100 Gbps.
In the U.S., AMP Capital has offices in New York, Chicago and Irvine, California.
Its U.S. infrastructure equity investments include Chicago’s Millennium Garages and ITS ConGlobal, a shipping and intermodal terminal operator.