Omni Fiber, a regional Fiber Internet Service Provider with operations in over 25 markets in Ohio and Pennsylvania backed by Oak Hill Capital, announced the closing of $150 million in debt financing from Stonepeak Credit. With the additional funding, Omni Fiber expects to accelerate the pace of expansion and announce more communities in the next few months.
Read also – [Funding News] DataCore Secures US$60 Million Funding to Accelerate Growth and Innovation
Founded in 2022 by management and Oak Hill, Omni Fiber has invested over $250 million in building an XGS-PON fiber network and is on track to reach approximately 200,000 locations by the end of the year. The financing from Stonepeak Credit will fund rapid expansion into more communities in Ohio, Pennsylvania, and Michigan.
Read also – [Funding News] Tekion Secures $200 Million Growth Capital from Dragoneer Investment Group
Omni Fiber launched its service in late 2022 and now serves residential and business customers in over 25 small and mid-size communities. Construction is in progress in over 15 additional communities, and network design and engineering activities are ongoing in many others.
Omni Fiber’s founding CEO, Darrick Zucco said “We are excited about the additional opportunities this financing enables. The company’s network expansion not only brings choice to communities with limited options for reliable, ultra-high-speed Internet service but also creates hundreds of new jobs at Omni Fiber and local contractors. The halo effect on economic development for the impacted towns is significant.”
Scott Baker, Managing Partner at Oak Hill Capital, added “It has been a uniquely rewarding experience to partner with Darrick and his talented leadership team. We are thrilled by the rapid growth of Omni Fiber and are committed to continuing investing behind the team as they expand their fiber services to underserved markets in Ohio, Pennsylvania, and Michigan.”
Ryan Roberge, Senior Managing Director at Stonepeak, added “We are proud to partner with Omni Fiber and Oak Hill Capital to support Omni’s next phase of growth. Our team was thoroughly impressed with Darrick and the rest of Omni’s management team and their plans to expand Omni’s next generation fiber network to additional communities in the Midwest. We look forward to continuing our partnership with Omni and Oak Hill Capital over the long-term.”
About Omni Fiber
Omni Fiber was founded in 2022 and is backed by Oak Hill Capital, one of the largest investment firms in the telecommunications industry. Based in Ohio, Omni Fiber is led by a leadership team with 100+ years of combined industry experience and provides 100% fiber-optic broadband Internet, TV, and Phone services to residential and business customers in the Midwestern United States. Company offers symmetrical speeds of up to 10 Gbps, no hidden fees, no data caps, Premium Wi-Fi included, local customer service, and competitive pricing.
