Wednesday, August 13, 2014

Ridgemont Equity Buys Cross River Fiber

Dallas-based private equity investor Ridgemont Equity Partners said this morning that it has acquired a majority stake in Cross River Fiber, a provider of dark fiber and other communications infrastructure services. Financial terms of the buy were not disclosed. Ridgemont Equity said it acquired the majority of the firm alongside existing management at the company. Cross River Fiber is based in Summit, New Jersey. Ridgemont said Cross River's CEO, Vincenzo Clemente, will remain in charge of the company, which provides dark fiber to the financial, carrier, education, healthcare and enterprise sectors. The deal was supported by debt from Webster Bank and CoBank; Cross River was advised by Bank Street Group LLC and Budd Larner, P.C.; Ridgemont was advised by Alston & Bird LLP.