Omni Fiber and Lit Fiber — two fiber-based service providers in the midwest that are majority owned by Oak Hill Capital — have merged.
Lit Fiber serves Medina County, Ohio. It is expanding into surrounding communities and building a network in Brownsville, Texas.
System integrations are expected to be completed early next year. At that point, Lit Fiber customers will have access to data speeds of up to 10 Gbps.
Financial details of the Omni Fiber/Lit Fiber merge were not included in the press release. Lit Fiber’s existing shareholders, including Stephens Capital Partners and The Pritzker Organization, will remain shareholders.
“This transaction will allow both companies to expand more quickly and improve the services offered to Lit Fiber’s customers. It is a win-win for current and future customers,” Oak Hill Managing Partner Scott Baker said in the announcement.
Oak Hill, which also owns Lit Fiber, announced the formation of Omni Fiber in July, 2022. The company said that it planned to bring fiber service to small and mid-sized markets in the midwest. Initial projects were to be in Ohio, Michigan, and Pennsylvania. Oak Hill Capital Partners VI, the firm’s flagship fund, made a $250 million commitment to Omni Fiber at the time.
Omni Fiber made a move several months later — in early December 2022 — with the acquisition of Ohio Telecom. The company served customers in the 419 area code, which includes Toledo, Bowling Green, Sandusky, Bryan, Fremont, Maumee, Defiance, Ashland, Norwalk, Tiffin and Napoleon.
The service provider and Oak Hill got a boost this July with $150 million in debt financing from Stonepeak Credit. The funding was to support expansion into Ohio, Michigan and Pennsylvania. The press release said that Omni Fiber was using XGS-PON technology and was on track to reach 200,000 locations by the end of the year.
