Everstream Grows Into Super-Regional Network

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Acquisition makes Everstream a 9,000-mile Midwest fiber provider

Cleveland, Ohio/East Lansing, Michigan (May 2, 2016) – Ohio-based fiber network operator Everstream Solutions, LLC (Everstream) was declared the winner in the bidding for the assets of Great Lakes Comnet and Comlink (GLC), a Michigan-based fiber network operator and provider of network and cloud services. The transaction will add more than 6,500 route miles of fiber to Everstream’s footprint, which consists of a 2,500 route mile fiber network that provides access to more than 800 service locations, including data centers, telco hotels and wireless towers.

“This acquisition allows Everstream to continue our aggressive growth strategy, and deliver on our commitment to serving local businesses with local networks,” said Brett Lindsey, President & Chief Executive Officer of Everstream. “The addition of the GLC fiber assets provides an outstanding platform for ongoing expansion to support our current and future customers.”

GLC voluntarily filed under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court on January 25, 2016. The bankruptcy court sale hearing to confirm Everstream’s $32.4M purchase of the assets is on May 10th and closing the transaction is scheduled for mid-May once regulatory approvals are completed.

Everstream has hired Pat O’Leary as Executive Vice President & General Manager for the Michigan markets. “Pat brings decades of experience in Michigan with vast knowledge of the individual nuances in each market and the competitive landscape.  He will be a great asset to our organization and will provide key leadership to the integration of the GLC assets into Everstream,” said Lindsey.

To complete the transaction with GLC, Everstream has secured commitments for $70 million from its existing equity investors and senior debt lead by Webster Bank’s TMT practice. In October 2015, Everstream closed on a $50-million investment from Boston-based M/C Partners, investors advised by the Private Equity Group of J.P. Morgan Asset Management and Morgan Stanley Alternative Investment Partners.

About Everstream

Everstream is a Cleveland-based network service provider bringing fiber-based Ethernet, Internet and data center solutions to businesses throughout Northeast Ohio. We focus on delivering best-in-class network solutions while providing an unrivaled commitment to customer service. With over 2,500 miles of fiber across 24 counties and comprehensive data center connectivity at 10 Gigabit speed, we provide the fastest network in the region. Everstream’s network allows businesses to operate a converged IP network capable of delivering robust voice, video, and data services at speeds from 10 mbps to 10 gbps.

Contact:
Todd Mengay
tmengay@everstream.net
216-923-2292

Media Contact:
Suzanne Scarpino
sscarpino@everstream.net
216-302-2615

View source version here: https://everstream.net/press-releases/everstream-grows-into-super-regional-network/

Cuba Burch Berner

Cuba Burch Berner is an Associate at M|C Partners, where he focuses on investment opportunities in digital infrastructure and technology services. Prior to joining the firm in 2022, Cuba was an Equity Research Associate at Citi covering infrastructure companies within the telecommunications industry, including data centers and wireless towers. He holds a B.S. in Mathematics with a specialization in Economics from the University of Chicago. Cuba currently lives in Boston’s West End and enjoys  a myriad of outdoor activities including running, swimming, hiking, and skiing.

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James F. Wade

Jim Wade co-founded M/C Partners in 1986 with Dave Croll. He has been investing in communications and technology services since the advent of wireless and broadband, cornerstones of the firm’s sector focus. As a founding managing partner, he manages the firm’s investment process, and continuously seeks out management teams, company prospects and financial resources to grow the portfolio. Jim’s successful track record includes MetroPCS (IPO), Lightower Holdings (acquired by Berkshire Partners), Triad Communications (acquired by T-Mobile), Brooks Fiber Properties (IPO and sale to AT&T Wireless), Cavalier Telephone (acquired by PAETEC), NuVox Communications (acquired by WindStream), Attenda (acquired by Darwin Private Equity), Melita (acquired by Apax Partners), PR Wireless (joint venture with Sprint affiliate in Puerto Rico), Thrive Networks (acquired/recapitalized by Court Square) and Involta (acquired by Carlyle Group). Today he serves as a director on the Board of Connectivity Wireless and has responsibility for Omega Wireless. Jim graduated from the University of Notre Dame a B.B.A in Finance and received an MBA from Harvard Business School. He lives outside Boston with his wife and four children. Jim was an avid boater and is now an average golfer.

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Abhishek Rampuria

Abhishek (A.B.) is a Partner at M/C Partners, where he leads origination, deal diligence and portfolio company support for investments in a variety of communications and technology services segments. He currently serves on the Board of Ascend Technologies, Connectivity Wireless, Edafio Technology Partners, TowerCom and serves as a Board Observer for Thrive Networks. A.B. previously served as a Board Observer for Ensono (acquired by KKR) and QOS Networks (acquired by Zayo). Prior to joining M/C Partners in 2015, A.B. worked at Altman Solon (formerly Altman Vilandrie), a technology, media & telecommunications focused strategy consulting firm, where he completed projects for both operating companies and private equity investors. A.B. received a B.S. in Materials Science & Engineering from the Massachusetts Institute of Technology. He lives in Boston’s South End and outside of work, enjoys skiing, cycling, traveling and cheering on his home-town Patriots and Celtics.

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