Oak Hill Capital and Cinelli Family Finalize Metronet Transaction

Oak Hill Capital and Cinelli Family Finalize Metronet Sale

On July 24, 2025, Oak Hill Capital, a middle-market private equity firm, along with the Cinelli family, announced the completion of their sale of Metronet, one of the most rapidly expanding independent fiber-to-the-home (FTTH) service providers in the United States. This strategic move will see Metronet pivot to become a wholesale services provider, where its residential fiber retail operations will transition entirely to T-Mobile.

For Oak Hill Capital, this marks a pivotal moment in a journey that began in 2014 when it first invested in Metronet. Throughout the years, the firm has injected additional capital from multiple funds, fostering Metronet’s growth into a dominant player in the FTTH market. Today, Metronet proudly serves over 2.6 million locations in more than 300 communities across 19 U.S. states, showcasing an impressive growth trajectory of over 20 times in key operating metrics since Oak Hill's initial investment.

Benjy Diesbach, Senior Operating Advisor at Oak Hill, along with Managing Partner Scott Baker, expressed their pride in the partnership with the Cinelli family and Metronet’s management, highlighting the company’s evolution from operating in just 10 small towns in Indiana to an expansive service coverage.

"Our decade-long partnership has been nothing short of transformative for Metronet," said Diesbach and Baker in their joint statement. They praised the leadership team’s commitment, which has been fundamental in establishing Metronet’s reputation as a customer-centric organization.

In response, John Cinelli, Co-Founder and Chairman of Metronet, acknowledged Oak Hill’s critical role in advancing the company. The collaboration has been essential in achieving the milestone of servicing 2.6 million locations with fiber connectivity—an achievement rooted in this long-term support. As part of this deal, both Oak Hill and the Cinelli family will continue to invest in the next phase of Metronet's growth through this new collective partnership.

This transaction aligns seamlessly with Oak Hill's ongoing Digital Infrastructure strategy, focused on identifying sustained growth opportunities. As part of the firm’s efforts to expand its digital infrastructure portfolio, the new partnership enhances their footprint in the FTTH sector, which they have now extended to cover 34 states across the nation. The recent exit from Metronet follows Oak Hill's investments in other fiber service providers, such as IdeaTek Telcom and Socket Telecom.

Oak Hill Capital, headquartered in New York and established over 40 years ago, emphasizes a thematic investment approach, focusing on resilient businesses within sectors that promise sustained growth. The firm has a significant track record with over 110 companies and $24 billion in initial and co-investment capital commitments.

Conversely, Metronet—recognized as the nation’s fastest-growing fiber-to-the-home provider—now operates under a joint venture structure, led by T-Mobile and KKR. With a focus on delivering ultra-fast internet service to homes and businesses, Metronet has built its foundation since 2005. Its fiber networks continue to expand, bringing high-speed connectivity to millions across the U.S.

As both parties embark on this exciting new chapter, they reflect on a successful decade of collaboration that has set the stage for future innovations in fiber internet delivery. The integration of T-Mobile's marketing and customer experience capabilities with Metronet's fiber operations heralds a new era of enhanced connectivity for customers nationwide.

For more details about Oak Hill Capital and Metronet, you can visit their respective websites for further information into their growth stories and services offered.