Tahoe Network Infrastructure, a fiber optic broadband investment company, has acquired E-Vergent, a Wisconsin-based regional fiber and fixed wireless provider, for USD 11.2 million. E-Vergent operates extensive fiber and fixed wireless networks in the communities south of Milwaukee and north of Chicago.
Gregory Green, Chairman of Tahoe, said: "This acquisition perfectly complements our strategy to acquire small, fiber-based internet service providers in underserved markets."
"E-Vergent has over 25 years of operating history providing fiber and cutting edge fixed wireless technology to over 1 million residential and commercial subscribers in ten counties from Milwaukee to Chicago. They deliver internet service from more than 100 towers and have successfully increased service speeds to customers in each of the last four years."
"We look forward to expanding the business with targeted consumer and business marketing campaigns to increase penetration of our existing fiber routes and have committed to investing another $ 10 million in expanding E-Vergent's regional footprint. At the same time, Tahoe will continue to look for acquisitions in the fiber space, including partnering with rural electric utilities and cities looking for a financially sound broadband partner."
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Joe Falaschi former owner of E-Vergent stated, "Tahoe and its management team have a strong record in founding and operating successful telecom companies. They have the financial capability and experience to propel this business to the next level which, ultimately is what it's all about. I feel confident that Greg and his team have what it takes to bring growth, opportunity, and success to E-Vergent."
Concentra Capital Group acted as exclusive financial advisor to Tahoe and arranged USD 6.5 million of senior debt to finance its acquisition of E-Vergent.
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Joe Adipietro, managing partner of Concentra Capital, said "It's been terrific working with Tahoe on this acquisition financing. Greg and his team are world class professionals who have a deep knowledge of the broadband industry and an impressive track record of success.
Greg's vision for transforming E-Vergent into a leading hybrid fiber-wireless internet service provider is timely and very compelling. I look forward to continuing this journey with Greg and his outstanding team."
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Tahoe Network Infrastructure is a Washington-based company that specializes in the construction of private fiber optic networks and the acquisition of wireless internet service providers with fiber development plans.
