APG, Fiera Infrastructure acquire Conterra Networks to grow US fiber footprint

June 30, 2020
Conterra Networks, headquartered in Charlotte, North Carolina, is one of the largest independent fiber infrastructure services providers in the United States.

Conterra Ultra Broadband Holdings, Inc. announced today the execution of a definitive agreement for affiliates of APG Group NV and affiliates of Fiera Infrastructure Inc., along with significant participation by the company's senior management team, to acquire the remaining indirect equity interests of the company not already owned by Fiera Infrastructure, from affiliates of Court Square Capital Partners and certain other indirect equity holders of Conterra.

Conterra Networks, headquartered in Charlotte, North Carolina, is one of the largest independent fiber infrastructure services providers in the United States, with an 11,100-route mile fiber network that brings high-capacity customized middle and last-mile fiber and wireless services to enterprise, carrier, education, government and data center customers across 21 states in the Southeast, South Central and Western US.

Craig Gunderson, president and CEO of Conterra, commented, "On behalf of the Conterra management team and our employees, we are excited to be partnering with APG and Fiera Infrastructure, two exceptionally well capitalized institutions with significant experience growing infrastructure businesses. With their financial strength and support, we will accelerate our expansion plans in Tier II and Tier III markets through the rapid expansion of our fiber networks, strategic acquisitions and enhanced fiber-based solutions, while remaining fully committed to delivering an exceptional customer experience."

Gunderson continued, "I would like to acknowledge the Conterra employees who have grown Conterra into what it is today, the trust from our customers, the outstanding guidance from Court Square over the last six years and the support from all of our vendor partners, each of whom made this day a reality."

APG is one of the largest pension fiduciary asset managers in the world, working for over 22,000 employers and providing the pension for one in five families in the Netherlands (approximately 4.7 million participants). APG is one of the most active infrastructure investors globally, including a growing global presence across the telecommunications sector.

Steven Hason, Americas Head of Real Assets for AGP, commented, "On behalf of our clients, APG is pleased to announce this investment in Conterra Networks. APG's long-term approach to investing in infrastructure complements Conterra's long-term growth plans. This investment will position Conterra to provide vital infrastructure to underserved markets and customers well into the future. APG looks forward to our partnership with both Fiera Infrastructure and the Conterra management team."

Fiera Infrastructure acquired a significant equity interest in the company in April 2019, and the transaction represents the culmination of Fiera Infrastructure's plan to acquire additional equity interests.

Fiera Infrastructure is a leading global mid-market direct infrastructure investor and an affiliate of Fiera Capital Corporation (TSX: FSZ). Fiera Infrastructure's interests in Conterra are held in its EagleCrest Infrastructure strategy.

"Fiera Infrastructure looks forward to working closely with our new partner APG in support of Conterra's solid management team and employee base as they continue to execute upon their expansion strategy," said Alina Osorio, president of Fiera Infrastructure.

Jamie Crotin, managing director of Fiera Infrastructure, added, "Conterra provides a very strong platform on which we will continue to grow the company, through both organic network builds and acquisitions."

Holders of the company's first and second lien debt facilities have consented to the transaction. Conterra's senior debt facilities are rated by Moody's and Standard & Poor's.

Closing of the transaction is subject to customary closing conditions including required regulatory approvals.

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