1248 Holdings Strengthens Investment in Ubiquity with New Acquisition

1248 Holdings Expands Its Reach with Ubiquity Acquisition

In a significant development within the telecommunications sector, 1248 Holdings, a family-owned private investment firm, has completed the acquisition of Generate Capital's ownership interests in Ubiquity, a fiber network provider with operations in Texas and Nebraska. The financial specifics of this deal have not been publicly disclosed but are signaling a pivotal moment in Ubiquity's growth strategy.

Strengthening Growth Potential

As an early investor and founding partner in Ubiquity, 1248 Holdings is not just acquiring a stake but is also bringing in additional capital to bolster the company's ambitions. This funding will primarily be directed towards enhancing the FiberFirst brand, Ubiquity's internet service provider initiative. Established in 2023, FiberFirst has shown promising growth by connecting tens of thousands of residential, small business, and commercial clients, and now serves over 200,000 addresses in key markets including Dallas-Fort Worth, Austin, and Omaha.

Operational Continuity and Leadership Changes

Despite the ownership transition, Ubiquity's operations will continue as usual, ensuring a seamless experience for customers. The company's former Chief Revenue Officer, Greg Dial, steps up as the new CEO, bringing a wealth of experience in network operations. Key personnel such as Sean Tokic and Pankaj Gulati will maintain their critical roles as Chief Financial Officer and Chief Operating Officer, ensuring that the leadership team remains stable and focused on executing the business's long-term vision.

Dial expressed optimism about the future, stating, "I am thrilled to continue this journey alongside 1248. Our seasoned team is well-equipped to deliver 100% fiber-driven connectivity to our clients and communities."

Outlook on the Future

This acquisition comes on the heels of Ubiquity's successful divestment of its California and Arizona network assets earlier this year, marking a strategic pivot toward strengthening its core operations in Texas and Nebraska. The firm is driven by its commitment to provide reliable fiber internet services, and with 1248 Holdings' support, the prospects for expansion appear promising.

Generate Capital, which previously held a stake in Ubiquity, has expressed confidence that 1248 is well-equipped to harness Ubiquity's foundational strengths and facilitate its next chapter of growth. Managing Director Laxman Ramu noted, "Generate Capital is proud of what Ubiquity has accomplished and confident that 1248 is positioned to support the company's future initiatives."

Advisory Teams

The transaction was facilitated by various advisory teams. Bank Street Group acted as the financial advisor to Ubiquity, while Kirkland & Ellis LLP and Cooley LLP provided legal counsel. Polsinelli represented 1248 Holdings, and Proskauer Rose LLP advised Generate Capital on this significant deal.

About 1248 Holdings

1248 Holdings is recognized for its direct investments across multiple sectors including private equity and real estate. Its approach combines operational management with strategic investments to foster growth in promising enterprises.

About Ubiquity and FiberFirst

Ubiquity is a prominent player in the telecommunications arena, owning and operating last-mile fiber networks spread across several states. Its FiberFirst brand is rapidly gaining traction by offering high-speed fiber internet solutions tailored to various customer segments, including residential, small business, and institutional clients.

This acquisition marks a promising new chapter for both 1248 Holdings and Ubiquity, as both aim to solidify their footprint in the fiber connectivity landscape, serving clients with enhanced speed and reliability.