Wire 3 Announces Majority Investment from Oak Hill Capital to Accelerate Fiber-to-the-Home Expansion in Florida
DAYTONA BEACH, Fla. and MENLO PARK, Calif., Jan. 4, 2024 /PRNewswire/ -- Wire 3, a leading fiber-to-the-home provider in Florida, announced today that Oak Hill Capital ("Oak Hill") has acquired the company from Guggenheim Investments ("Guggenheim") and committed to invest up to $250 million out of Oak Hill's sixth flagship fund to accelerate the expansion of Wire 3's fiber network in underserved communities across Florida. Wire 3's existing management team members are remaining as shareholders and will continue leading the business going forward.
- Wire 3's existing management team members are remaining as shareholders and will continue leading the business going forward.
- Wire 3 is actively expanding its fiber network across Florida communities within Volusia, Brevard, Indian River, St. Lucie, Orange, and Marion counties.
- "We are delighted to form a new partnership with Oak Hill, an experienced investor in the broadband sector," said Jai Ramachandran, CEO of Wire 3.
- Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to Oak Hill.