Oak Hill Capital and Pamlico Capital announced investments in IdeaTek and Socket Telecom, merging both companies into a single entity. Jim Gleason will serve as CEO, with a goal to pass over 500,000 homes by 2028. Investments will enhance broadband infrastructure in several Missouri and Kansas cities. TPG Peppertree, a current investor in IdeaTek, will divest its stake but remain involved with new investments. The established partnership between Oak Hill, Pamlico, and Gleason spans over 20 years of developing broadband initiatives in the region.
"We have enjoyed a successful, long-term partnership with Jim Gleason and his experienced operating team building a number of broadband infrastructure businesses over the past 20 years. We are excited to partner again with him and the talented existing Socket and IdeaTek teams to expand the companies' footprints and serve the attractive market opportunity in the Midwest."
"We are thrilled to invest in partnership with Oak Hill in building upon Socket's and IdeaTek's established track records," Andrew Tindel, a Pamlico partner, said in a press release.
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