Webster Bank and CoBank will provide debt financing to support the merger of ZenFi Networks and Cross River Fiber. The funds will include additional capacity to support future growth.
The current ZenFi Networks and Cross River management teams will continue to lead the combined company with the support of Ridgemont Equity Partners, a middle market private equity firm and majority shareholder of Cross River Fiber.
The merger is set to close later this year, pending customary regulatory approvals. No other terms of the transaction have been disclosed.
“Ridgemont Equity Partners originally partnered with Cross River Fiber in 2014 to help grow its network and expand its customer base alongside a talented management team,” said George Morgan, partner at Ridgemont Equity Partners. “We have known the ZenFi Networks management team for many years and are thrilled that the companies are joining forces. The merger is a natural progression for both ZenFi Networks and Cross River Fiber as the companies have complementary markets and service offerings.”
ZenFi Networks is a provider of neutral communications infrastructure providing mobile network operators, telecommunications service providers and large enterprises with underlying fronthaul fiber, backhaul fiber, colocation facilities and rights-of-way siting solutions.
Cross River Fiber provides custom network infrastructure solutions to enterprise businesses, carriers and wireless mobility providers.