Oak Hill Capital, a New York-based middle-market private equity firm, has committed $150 million in primary capital to Lit Communities to fund and drive the construction of Lit’s fiber-based network in unserved and underserved communities across the U.S.
Lit was founded in Birmingham, Ala. in 2019 and uses public-private partnerships with local governments and municipalities to build and operate fiber networks. The company now has networks in place, under construction or in planning in Ohio, Pennsylvania and Texas. Lit’s existing shareholders, including Stephens Capital Partners, the Pritzker Organization and the Lit management team, are all remaining shareholders and plan to continue to support the business.
“The Oak Hill investment provides us the capital and expertise to accelerate our plans of providing ultra-fast, reliable, and affordable broadband service in the communities we partner with and serve,” comments Andrew Massey, chief financial officer for Lit.
Bank Street Group LLC served as financial advisor and Latham & Watkins LLP and Maynard Nexsen served as legal counsel to Lit Communities and existing equityholders in connection with this transaction. Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to Oak Hill.