On Thursday, private equity giant Blackstone announced that its Tactical Opportunities and Infrastructure Partners funds have invested in Hotwire Communications, a leading provider of fiber-to-the-home in the southeastern United States.
Hotwire operates a 100-percent fiber network that provides internet and telecommunication services to high-rise multi-dwelling units, gated communities, and homeowners’ associations across Florida, Georgia and the Carolinas. Hotwire has previously been named by Netflix as the fastest consumer internet provider in the country and has industry-leading consumer satisfaction scores.
“We are proud to back this team of world-class technology entrepreneurs at Hotwire,” said Blackstone Tactical Opportunities Senior Managing Director Jasvinder Khaira. “Consumers are increasingly seeking state-of-the-art fiber connectivity to meet their growing need for connected devices in their homes, and we believe Hotwire is exceptionally well positioned to capitalize on this rising market demand. We look forward to leveraging Blackstone’s scale to turbocharge Hotwire’s growth with further investment.”
“We are enormously excited to invest behind the Hotwire management team as they continue their pioneering efforts to deliver best-in-class technology and connectivity,” added Blackstone Infrastructure Partners Senior Managing Director Greg Blank. “Data proliferation and consumer connectivity are two of Blackstone’s highest conviction themes, and we are pleased to invest in an industry leader. By combining Hotwire’s strong, entrepreneurial business model with Blackstone’s scale, resources, and reach, we see an immense opportunity for continued growth.”
“The Hotwire Team is thrilled with the partnership with Blackstone,” Hotwire CEO Kristin Johnson said. “We have an aligned vision for both the future of broadband and fiber optic infrastructure, and Blackstone’s broad reach will help Hotwire to continue to scale as a premier provider of telecom and Internet services during a time when digital services are playing an increasingly vital role in all our lives.”
Blackstone’s Tactical Opportunities platform invests globally across asset classes, industries and geographies, seeking to identify and execute on attractive, differentiated investment opportunities in high-conviction themes. Blackstone Infrastructure Partners is the firm’s permanent capital infrastructure platform, which is an active investor across the transportation, digital infrastructure, energy (renewables, utility and midstream) and water and waste sectors.
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