Portland, Ore., Oct. 10, 2012 – Integra Telecom Inc., a provider of fiber-based, carrier-grade networking, communications and technology solutions, today announced that investment funds affiliated with Searchlight Capital Partners, L.P. (collectively, “Searchlight”) have acquired a significant equity stake in the company.
“Integra’s dedicated employees, robust fiber network and diverse products allow it to provide high quality communications services to its customers,” said Eric Zinterhofer, co-founder of Searchlight. “We look forward to working with Integra’s shareholders, board members and its high caliber management team to continue building on this strong foundation.”
“We’re very pleased that Searchlight has made a strategic investment in Integra Telecom,” said Kevin O’Hara, CEO of Integra. “Integra continues to focus on building long-term, high-value relationships with our customers, employees and our stakeholders, and we are fortunate to attract an investor that shares these same core principles. We have made significant progress in the past year in strengthening our leadership team, enhancing our financial profile, expanding our product portfolio and broadening our addressable market. This investment represents another positive step forward for Integra.”
Searchlight has agreed to acquire all of the equity interests in Integra held by Goldman, Sachs & Co., Integra’s largest shareholder. Searchlight is led by senior partners formerly with industry leading investment management firms and possessing significant investment experience in the communications sector. Integra represents Searchlight’s third announced investment.
“We would like to thank Kevin and the rest of Integra’s executive team for their diligent work and wish the company and its new shareholder base the best in the future,” said Todd Foust, managing director at Goldman, Sachs & Co. and Integra board member.
Completion of the transaction is subject to satisfaction of customary closing conditions and is expected to close in the fourth quarter of 2012.
Houlihan Lokey served as financial advisor to Goldman, Sachs & Co. and Searchlight is being advised by Jefferies and Kirkland & Ellis LLP in connection with the transaction.
About Integra Telecom
Integra is one of the largest facilities-based providers of communication and networking services in the western United States. We connect businesses of all sizes with advanced networking, communications and technology solutions in 35 metropolitan markets. Integra owns and operates an enterprise-class network consisting of a 5,000-mile long-haul fiber-optic network, 3,000 miles of metropolitan fiber and a nationwide IP/MPLS network. Our fiber network connects directly to more than 2,000 enterprise buildings and data centers. Through our expansive Ethernet footprint, we can deliver high-bandwidth services to more than 400,000 businesses. At Integra, we understand our customers need reliable, secure and flexible solutions delivered with unmatched expertise and quality of service. For more information, visit www.integratelecom.com.
About Searchlight Capital Partners, L.P.
Searchlight Capital Partners, L.P. (“Searchlight”) is a private investment firm founded in 2010 by senior partners formerly with industry leading investment management firms. Searchlight currently manages over $860 million, invests in a wide range of industries in North America and Europe, and has offices in New York, London and Toronto. For more information, visit www.searchlightcap.com.
RLM Finsbury Steven Goldberg (Steven.Goldberg@RLMFinsbury.com)
David Millar (Dave.Millar@RLMFinsbury.com)