NEW YORK, Jan. 11, 2019 /PRNewswire/ -- Summit Infrastructure Group, Inc. ("SummitIG" or the "Company") and SDC Capital Partners ("SDC") announced today that funds managed by SDC will acquire a majority interest in the Company. The transaction will provide SummitIG increased access to capital in support of its planned growth. Current majority owner Columbia Capital will continue to retain a material ownership stake in SummitIG following completion of the transaction.
SummitIG is a leading dark fiber infrastructure provider to carriers, data center operators, content providers and large enterprises in Northern and Central Virginia. The Company's extensive network infrastructure includes over 500 route miles of unique, newly-constructed and 100% underground metro and long-haul routes that enable custom designed, fiber-based solutions for its expansive customer base.
"We are excited to partner with SDC on our next phase of growth," said Bill Cook, SummitIG's CEO. "We believe that SDC's deep operational expertise and understanding of communications infrastructure will accrue to our benefit as we expand our current platform in Northern Virginia and enter new markets to meet the growing needs of our customers."
"We have known SummitIG and its management team for years and have long appreciated its unique asset base and unrivaled position within the largest global market for data center infrastructure," said Todd Aaron, SDC's Founder and Managing Partner. "We are thrilled to join Columbia Capital as an investor in SummitIG and look forward to working with the management team to support the Company's continued growth."
"As the initial investor in SummitIG since 2013, we are proud of the impressive growth the team has accomplished to date and believe the Company is well positioned to continue on its current trajectory," said John Siegel, Partner from Columbia Capital. "We believe SDC is an optimal partner as we embark upon SummitIG's next chapter of growth and expansion."
The transaction, which is subject to customary regulatory approvals, is expected to close in the coming months. SummitIG was advised by Bank Street Group and DLA Piper provided legal counsel. Skadden, Arps, Slate, Meagher & Flom LLP acted as legal counsel to SDC.
SummitIG provides custom network solutions and bandwidth infrastructure services using its dense and unique fiber-optic network located throughout key markets in Virginia. The company specializes in dark fiber connectivity for data center, carrier, government and enterprise customers, giving them strategic alternatives, unique routes, and greater flexibility to control their own networks. For more information about SummitIG, please visit www.summitig.com.
About SDC Capital Partners
SDC Capital Partners, LLC is a specialized private investment firm focused on the IT and communications infrastructure sectors. SDC's areas of investment focus include data centers, network / fiber and wireless infrastructure, with specific emphasis on opportunities where the firm can leverage its deep operational expertise to partner with exceptional managers and owners in creating value. The firm invests globally and seeks to leverage its team's deep sector relationships in sourcing proprietary investment opportunities. For more information, please visit www.sdccapitalpartners.com.
About Columbia Capital
Columbia Capital is a venture capital firm based in Alexandria, VA. Since 1989, Columbia have been partnering with top executives to help build communications, media and technology companies and to deliver top quartile returns to their investors. They currently manage approximately $3.0 billion dollars of total capital and are actively investing in a sixth fund, which has total commitments of $500 million. Columbia is based in Alexandria, VA.
SOURCE SDC Capital Partners, LLC