Hastings Expands Telecom Services Platform with Investment in Accelerated Communications
Boston, MA (PRWEB) June 29, 2023 -- Hastings Equity Partners (“Hastings”), a preferred capital partner to founders of lower middle-market businesses, is pleased to announce that its Fund V portfolio company, GridSource Incorporated (“GridSource”), has partnered with Accelerated Communications & Construction (“Accelerated” OR “The Company”). This is the second company GridSource has added to the platform since Hastings acquired GridSource in December 2022.
Founded in 2008 by Jason Evert and Justin Sonntag, Accelerated is a leading telecommunications infrastructure solutions company. Accelerated installs and maintains underground and aerial fiber networks for some of the nation’s largest Internet Service Providers (ISPs), supporting the continued rollout of fiber as a replacement to coaxial cable and copper wiring. The Company provides ongoing repair, maintenance, and upgrade services to support existing infrastructure, as well as new network builds for ISPs, utilities, and commercial customers. Accelerated focuses primarily on middle-mile construction, bringing fiber services from the network distribution hub to the carrier’s service area.
Hastings’ 2022 investment in GridSource and subsequent add-on investments in WiseConnect and Accelerated have positioned the Company as a leader in national utility services, with comprehensive service offerings across middle- and last-mile fiber deployment.
Rob Scaramella, Managing Director at Hastings, said of the investment, “The partnership with Accelerated is an exciting addition to our platform. We continue to focus our efforts on building a scaled telecommunications services business that provides a comprehensive service offering to our customers. With the addition of Accelerated, we continue to expand our geographic footprint and diversify our capability and customer base. The Company allows us to meaningfully participate in the long-term growth of data, access, usage, and speed upgrades of broadband internet.”
“Hastings is building an exciting telecommunications services platform with GridSource and their subsequent add-on investments in WiseConnect and Accelerated,” said Jason Evert, Co-Founder of Accelerated. “We look forward to our partnership with them.”
Justin Sonntag, Co-Founder of Accelerated, said of the investment, “we are excited to join GridSource and WiseConnect as part of the Hastings team. We will continue to provide best-in-class service to our customers in Central and Gulf Coast Florida. The partnership will allow us to offer a wider range of service offerings to both new and existing customers.”
The current senior leadership team will remain with Accelerated and are committed to the company’s continued growth and success.
Locke Lord provided legal counsel, KSM provided financial advisory services, Forvis provided tax services, and Equity Risk Solutions provided insurance services to Hastings on the acquisition.
About Accelerated
Accelerated Communications & Construction is a leading telecommunications services provider that specializes in underground and aerial fiber and cable network maintenance, repair, and development. Accelerated offers services for both commercial and residential end users and has built and developed relationships with MSOs like COX Communications, Mediacom, and AT&T. The company provides its customers with the support they need to continue the growth and quality of their service offering. For more information, visit http://www.acccomm.com.
About Hastings Equity Partners
Founded in 2004, Hastings Equity Partners is a lower middle-market private equity firm. Hastings invests first institutional capital in North American founder-led companies within the industrial and business services sectors, where it has deep operating and investing experience. As a preferred capital partner, Hastings seeks to empower businesses to reach their full potential. For almost two decades, the firm has formed long-term partnerships with entrepreneurs while utilizing a hands-on approach to enhance operations, provide strategic support, and accelerate growth. For more information, visit http://www.hastingsequity.com
Eliza McGrath, Hastings Equity Partners, https://www.hastingsequity.com/, 1 781-314-9599, [email protected]
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