Charlesbank Capital Partners, LLC Invests in Massachusetts-Based Fiber Optic Company

Business Wire, Nov 27, 2000

Business Editors

BOSTON--(BUSINESS WIRE)--Nov. 27, 2000

Charlesbank Capital Partners, LLC announced it has acquired a substantial equity interest in C2C Fiber of Massachusetts, LLC, which owns, operates and constructs fiber optic networks. Charlesbank will invest $20 million to help the company finance its network build plans in Massachusetts.

In the race to provide high-speed connectivity in data transport, fiber has emerged as the dominant medium, offering unparalleled scalability and versatility. C2C plans to fill the growing need outside Boston by building a 230-mile underground fiber optic network, installing high volumes of fiber and selling strands to a host of carriers who want to own network infrastructure in the region. The company is building pursuant to construction rights of way granted by the Massachusetts Highway Department, with 25 miles completed so far. Among the targeted routes is I-495, a fast-growing technology corridor, which major companies such as Sun Microsystems, Nortel and Cisco have chosen as the site for new facilities.

"Market analysts believe the need for local bandwidth could grow as much as tenfold over the next five years, and Greater Boston is no exception," says Tim Palmer, Managing Director at Charlesbank Capital Partners. "We are pleased to partner with C2C's management to build the most robust fiber network in the 495 west region."

Charlesbank Capital Partner, LLC, is a private investment firm with more than $2 billion of capital committed to acquisition and expansion financing for growing companies and developing real estate assets. The firm has offices in Boston and New York.