Fiber provider Wire 3 closed on $235 million in private credit financing on July 2. The investment in Wire 3, aimed at accelerating the company’s Florida fiber buildout, was made by Oak Hill Capital and through Guggenheim Investments.
Wire 3 is based in Daytona Beach. It is deploying fiber in Volusia, Brevard, Indian River, St. Lucie, Orange, Marion, and Lake County counties in the middle of the state.
“Our partnerships with strong investors like Guggenheim and Oak Hill afford Wire 3 the ability to provide Floridians a future-proof internet solution,” Wire 3 Chief Executive Officer Jai Ramachandran said in a press release.
“Guggenheim’s additional investment signifies the confidence our partners have in the products we deliver and the impact we make as we continue to light more 10 Gbps cities. We look forward to earning the community’s trust while scaling our Floridian-run network.”
Wire 3 was founded in 2021 and is fully funded by Guggenheim Investments on behalf of its clients. Oak Hill Capital joined as a majority investor in Wire 3 in 2024.
Wire 3 has generated investments of more than $550 million. Some of the deals:
In January 2024, Oak Hill Capital acquired Wire 3 from Guggenheim Investments for an undisclosed price. The new owner committed to invest as much as $250 million out of its sixth flagship fund to accelerate the expansion of Wire 3’s fiber network in underserved communities across Florida.
Almost a year later — in December 2024 — Wire 3 closed a $115 million credit facility. It was led by Woodforest National Bank, CIBC, and JPMorgan, with participation from Axiom Bank.
This past May, the company announced an additional investment of $75 million to Marion County. That brought the entire investment in the county to $100 million.
Oak Hill Capital is not just a Wire 3 and Florida investor. This week, along with Palmlico Capital, it announced investments in IdeaTek and Socket Telecom, service providers headquartered in Kansas and Missouri, respectively. The goal is to combine the two service providers into a single company.
