Apr 17 2019
SDC Capital Partners Closes Majority Investment in SummitIG
Summit Infrastructure Group, Inc. ("SummitIG" or the "Company") and SDC Capital Partners, LLC ("SDC") announced today the successful close of their previously announced transaction through which funds managed by SDC have acquired a majority interest in SummitIG. Previous lead investor, Columbia Capital, has retained a material ownership stake in the Company.
SummitIG is a leading dark fiber infrastructure provider to carriers, data center operators, content providers and large enterprises in Northern and Central Virginia. The Company's extensive network infrastructure includes over 500 route miles of unique, newly-constructed and 100% underground metro and long-haul routes that enable custom designed, fiber-based solutions for its expansive customer base.
Effective upon the transaction close, Sunny Kumar, formerly the Company's Chief Commercial Officer, elevates to the role of Chief Executive Officer for SummitIG and Chief Financial Officer, Michael Rees, assumes the additional role and responsibilities of Chief Operating Officer. Mr. Kumar succeeds Bill Cook who will remain involved with Summit in an advisory capacity, helping the company chart and execute on its continued path of expansion.
“We are thrilled to have closed our transaction and look forward to working with SDC in our next phase of company growth,” said Sunny Kumar. “Our singular focus remains serving the ever-growing needs of our customers and aligning with SDC will enable us to aggressively expand our platform to best serve them in Virginia as well as other key markets.”
"Summit has built a highly differentiated network infrastructure in the world’s largest data center market," said Todd Aaron, SDC's Managing Partner. "We couldn’t be happier to finalize our partnership with Sunny, Mike and the team and are eager to help accelerate the company’s expansion plans."
SummitIG and SDC announced the transaction on January 11, 2019. Bank Street Group acted as exclusive advisor to SummitIG and DLA Piper provided legal counsel to the Company. Skadden, Arps, Slate, Meagher & Flom LLP acted as legal counsel to SDC.
SummitIG provides custom network solutions and bandwidth infrastructure services using its dense and unique fiber-optic network located throughout Virginia. The company specializes in dark fiber connectivity for data center, carrier, government and enterprise customers, giving them strategic alternatives, unique routes, and greater flexibility to control their own networks. For more information about SummitIG, please visit www.summitig.com.
About SDC Capital Partners
SDC Capital Partners, LLC is a specialized private investment firm focused on the IT and communications infrastructure sectors. SDC's areas of investment focus include data centers, network / fiber and wireless infrastructure, with specific emphasis on opportunities where the firm can leverage its deep operational expertise to partner with exceptional managers and owners in creating value. The firm invests globally and seeks to leverage its team's deep sector relationships in sourcing proprietary investment opportunities. For more information, please visit www.sdccapitalpartners.com