Oak Hill Capital says has committed to the supply of $150 million in primary capital to fiber broadband network builder Lit Communities. Lit’s existing shareholders, which include Stephens Capital Partners, The Pritzker Organization (TPO), and the Lit management team, will remain in place.
Founded in Birmingham, AL, in 2019, Lit establishes public/private partnerships with local governments and municipalities for the construction and operation of fiber broadband networks. The company has networks in place, under construction, or in planning in Ohio, Pennsylvania, and Texas. Its existing footprint Lit covers approximately 20,000 homes and businesses, with the expectation of extending that reach to more than 200,000 locations over the next few years thank to the Oak Hill investment.
“Lit Communities is already in a strong position with the backing from Stephens and TPO – their experience in the industry and understanding of our model has been paramount in our success to date. We’re thrilled to partner with Oak Hill to further strengthen our position by benefiting from their longstanding experience and expertise in our space,” said Brian Snider, CEO at Lit. “I could not be prouder of the Lit team; they are what truly sets us apart. The future is extremely bright at Lit.”
“We are thrilled to be partnering with Brian and his talented team, alongside Stephens and TPO, to support the expansion of Lit’s fiber network to many more underserved American communities,” added Adam Hahn, principal at Oak Hill.
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