GCM Grosvenor (NASDAQ: GCMG), a global alternative asset management services provider, has agreed to acquire a significant ownership stake of Horizon, a fiber-optic broadband company based in Columbus, Ohio. GCM Grosvenor will invest through its labor impact strategy and joins the existing investor group led by Novacap TMT, a Canada’s private equity firms.

“With world-class partners such as Novacap and GCM Grosvenor at our side, Horizon has a significant advantage to continue on this path of growth and transformation,” said Jim Capuano, CEO of Horizon. “Our new partnership will allow us to enhance our services for our existing customers while pursuing new markets in the years ahead.”

“Since our investment in 2018, we have been very excited about Horizon’s growth to date,” noted Ted Mocarski, chairperson of the Horizon board of directors and senior partner at Novacap TMT. “As we have supplemented the senior management team with other experienced telecom operators, the team has entered new markets and accelerated the growth of its broadband business. With an experienced investor like GCM Grosvenor as our new partner, we expect to continue growing throughout Ohio and the Midwest with the added ability to now provide fiber-based connectivity to residential customers.”

“GCM Grosvenor is excited to announce this investment in Horizon, a growing and well-positioned communications infrastructure provider with what we consider a significant competitive advantage in its region from both a cost and time-to-market perspective,” states Matthew Rinklin, managing director at
GCM Grosvenor.

“We look forward to partnering with the outstanding investment team at Novacap and the experienced management team at Horizon, who we strongly believe will leverage their proven track record, operational excellence and focus on exceptional customer service to achieve greater market share going forward,” adds James DiMola, executive director at GCM Grosvenor.

Horizon and Novacap were represented in this transaction by Paul Hastings LLP, and GCM Grosvenor was represented by Morgan Lewis & Bockius LLP.