CHARLOTTE, N.C. and
NEW YORK and TORONTO, June 30,
2020 /PRNewswire/ -- Conterra Ultra Broadband Holdings, Inc.
("Conterra Networks", "Conterra" or "the Company") announced today
the execution of a definitive agreement for affiliates of APG Group
NV ("APG") and affiliates of Fiera Infrastructure Inc. ("Fiera
Infrastructure"), along with significant participation by the
Company's senior management team, to acquire the remaining indirect
equity interests of the Company not already owned by Fiera
Infrastructure, from affiliates of Court Square Capital Partners
("Court Square") and certain other indirect equity holders of
Conterra (the "Transaction").
Conterra Networks, headquartered in Charlotte, North Carolina, is one of the largest
independent fiber infrastructure services providers in the
United States, with an 11,100-route mile fiber network that
brings high-capacity customized middle and last-mile fiber and
wireless services to enterprise, carrier, education, government and
data center customers across 21 states in the Southeast, South
Central and Western US.
Craig Gunderson, President &
CEO of Conterra, commented, "On behalf of the Conterra management
team and our employees, we are excited to be partnering with APG
and Fiera Infrastructure, two exceptionally well capitalized
institutions with significant experience growing infrastructure
businesses. With their financial strength and support, we will
accelerate our expansion plans in Tier II and Tier III markets
through the rapid expansion of our fiber networks, strategic
acquisitions and enhanced fiber-based solutions, while remaining
fully committed to delivering an exceptional customer
experience."
Mr. Gunderson continued, "I would like to acknowledge the
Conterra employees who have grown Conterra into what it is today,
the trust from our customers, the outstanding guidance from Court
Square over the last six years and the support from all of our
vendor partners, each of whom made this day a reality."
APG is one of the largest pension fiduciary asset managers in
the world, working for over 22,000 employers and providing the
pension for one in five families in the
Netherlands (approximately 4.7 million
participants). APG is one of the most active infrastructure
investors globally, including a growing global presence across the
telecommunications sector. Steven Hason, Americas Head of Real
Assets, commented, "On behalf of our clients, APG is pleased to
announce this investment in Conterra Networks. APG's long-term
approach to investing in infrastructure complements Conterra's
long-term growth plans. This investment will position Conterra
to provide vital infrastructure to underserved markets and
customers well into the future. APG looks forward to our
partnership with both Fiera Infrastructure and the Conterra
management team."
Fiera Infrastructure acquired a significant equity interest in
the Company in April 2019, and the
Transaction represents the culmination of Fiera Infrastructure's
plan to acquire additional equity interests.
Fiera Infrastructure is a leading global mid-market direct
infrastructure investor and an affiliate of Fiera Capital
Corporation (TSX: FSZ). Fiera Infrastructure's interests in
Conterra are held in its EagleCrest Infrastructure strategy. "Fiera
Infrastructure looks forward to working closely with our new
partner APG in support of Conterra's solid management team and
employee base as they continue to execute upon their expansion
strategy," said Alina Osorio,
President of Fiera Infrastructure. Jamie Crotin, Managing
Director of Fiera Infrastructure, added that "Conterra provides a
very strong platform on which we will continue to grow the Company,
through both organic network builds and acquisitions."
Holders of the Company's first and second lien debt facilities
have consented to the Transaction. Conterra's senior debt
facilities are rated by Moody's and Standard & Poor's.
Closing of the Transaction is subject to customary closing
conditions including required regulatory approvals.
About Conterra Networks
Founded in 2003, and now
operating approximately 11,100 fiber route miles, Conterra is one
of the largest independent broadband infrastructure companies
in the United States.
About APG
APG is the largest pension delivery
organisation in the Netherlands;
its approximately 3,000 employees provide executive consultancy,
asset management, pension administration, pension communication,
and employer services. APG performs these services on behalf of
pension funds and employers in the sectors of education,
government, construction, cleaning and window cleaning, housing
associations, energy and utility companies, sheltered employment
organizations, and medical specialists. APG manages approximately
€512 billion (April 2020) in pension
assets for the pension funds in these sectors. APG works for
approximately 22,000 employers, providing the pension for one in
five families in the Netherlands
(about 4.7 million participants). APG has offices in Heerlen,
Amsterdam, Brussels, New
York and Hong Kong.
APG has been an active infrastructure investor since 2004,
investing approximately €16.0 billion to date and managing 36
direct stakes in portfolio companies. APG's investments include
assets within energy and utilities, telecommunications, and
transport infrastructure. APG's Global Infrastructure team is
comprised of 35 investment professionals.
About Fiera Infrastructure
Fiera Infrastructure is a
leading global mid-market direct infrastructure investor operating
across all subsectors of the infrastructure asset class. Led by a
team of highly experienced and specialized professionals, the firm
leverages strong global relationships, with a local presence in
both Toronto, London and New
York. Its rigorous approach to investment and asset
management aligns with its long-term approach. Fiera Infrastructure
has assets under management and commitments of C$2.1 billion as at March
31, 2020. Fiera Infrastructure has invested in 35
infrastructure assets across utilities, telecommunications,
transportation, renewables and PPPs. For further
information, please visit http://www.fierainfrastructure.com
About Court Square
Court Square is a middle market
private equity firm with one of the most experienced investment
teams in the industry. Since 1979, the team has completed over 230
investments, including several landmark transactions, and has
developed numerous businesses into leaders in their respective
markets. Court Square invests in companies that have compelling
growth potential within the business services, general industrial,
healthcare, and technology and telecommunications sectors. The firm
has $7.1 billion of assets under
management and is based in New York,
N.Y. For more information on Court Square, please visit
www.courtsquare.com.
Advisors
Weil, Gotshal & Manges LLP acted as
corporate counsel and Harris, Wiltshire & Grannis LLP serves as
regulatory counsel to Fiera Infrastructure and APG, and Goulston
& Storrs PC served as legal counsel to APG. TD Securities and
Evercore served as financial advisors, and Dechert LLP acted as
corporate counsel to Conterra and Court Square and Morgan, Lewis
& Bockius LLP serves as regulatory counsel to Conterra.
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SOURCE Conterra Ultra Broadband Holdings, Inc.