Turning Rock Partners (“TRP” or “Turning Rock”) announces the sale of South Reach Networks (“South Reach” or “SRN”), a leading provider of hybrid fiber, colocation and transport services for carrier, content and enterprise customers through a control buyout transaction. South Reach was acquired in a control buyout transaction by a fund managed by Blue Owl Capital’s Digital Infrastructure strategy (“Blue Owl”).
Over the last several years, South Reach Networks grew its colocation and fiber footprint organically and through acquisition. “The existing management of the company led by Michael Sevret, Jason Cohen and Eileen Bonasia built an exceptional business and drove growth through both organic customer expansion and select strategic acquisitions,” said John Hamilton, COO of Turning Rock.
Chris Jensen, Managing Director, Digital Infrastructure at Blue Owl, who leads the firm’s fiber investments added, “We are excited to support South Reach Networks in its expansion across Florida. The Southeast is a priority region for our hyperscale customers, and we look forward to further leveraging the strength of the business to expand across the region.”
Hamilton added “We believe SRN is well positioned for growth in several markets and look forward to their continued success under the new ownership.”
Turning Rock Partners was advised by Winston & Strawn LLP. Bank Street Group LLC provided advisory services to South Reach Networks. Bennett Thrasher provided sell side accounting advisory support. BDO provided accounting and audit advisory services. JP Morgan provided banking services.
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