Omni Fiber and Lit Fiber announce merger to accelerate fiber-to-the-home expansion

CINCINNATI, Nov. 20, 2024 /PRNewswire/ -- Omni Fiber, a leading provider of high-speed fiber optic internet services in the Midwest, today announced a merger with Lit Fiber, the leading provider of fiber Internet services in Medina County, Ohio. Lit Fiber is currently expanding its network into surrounding communities and is building a state-of-the-art fiber network in Brownsville, Texas.

"We are thrilled to welcome Lit Fiber and their associates to Omni Fiber," said Darrick Zucco, CEO of Omni Fiber. "Lit Fiber's network in Ohio is adjacent to our network and working together will allow our teams to move faster into new markets, operate more efficiently, and serve our customers better."

"The merger with Omni Fiber will help us accelerate our expansion plans and reach more underserved communities with the same exceptional local service our customers are used to," said Andrew Massey, CEO of Lit Fiber.

Existing Lit Fiber customers will become eligible for faster speeds (up to 10 Gbps) once the network and systems integration activities are completed in early 2025.

Both Omni Fiber and Lit Fiber are majority-owned by Oak Hill Capital, an experienced investor in the fiber-to-the-home space. "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", said Scott Baker, Managing Partner at Oak Hill. Other Lit existing shareholders, including Stephens Capital Partners ("Stephens") and The Pritzker Organization ("TPO"), are remaining shareholders and plan to continue to support the business going forward.

About Omni Fiber
Founded in 2022, Omni Fiber is backed by Oak Hill Capital, one of the largest investment firms in the telecommunications industry. Based in Ohio, Omni Fiber is led by a leadership team with 100+ years of combined industry experience and provides 100% fiber-optic broadband Internet, TV, and Phone services to residential and business customers in the Midwestern United States. Omni Fiber offers symmetrical speeds of up to 10 Gbps, no hidden fees, no data caps, Premium Wi-Fi included, local customer service, and competitive pricing. For more information, please visit www.omnifiber.com.

About Oak Hill
Oak Hill is a longstanding private equity firm focused on the North America middle-market. Oak Hill applies a specialized, theme-based approach to investing and implements a highly systematic approach to theme development, proactive origination, and value creation in partnership with management to build franchises of lasting value. Over the past 35+ years, Oak Hill and its predecessors have raised over $23 billion of initial capital commitments and co-investments and invested in over 110 companies. For more information, please visit www.oakhill.com.

About Stephens Capital Partners
Stephens Capital Partners LLC ("SCP") is the principal investing arm of the Warren A. Stephens family and Stephens Inc. SCP identifies opportunities to work with industry-leading management teams with a long-term perspective. SCP provides public and private companies with capital for purposes of growth, recapitalization, and leveraged buyouts. For more information, see www.stephenscapitalpartners.com.

About The Pritzker Organization
The Pritzker Organization is the merchant bank for the business interests of the Tom Pritzker family. Additional information can be found at www.pritzkerorg.com.

Omni Fiber Media Contact:
Andres Tovar
[email protected]
513-480-9610

SOURCE Omni Fiber