Novacap closes US $220M acquisition of Horizon Telcom

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By Ted Liu

Novacap has completed previously announced acquisition of Horizon Telcom at a valuation of over US $220 million.

Novacap TMT V, L.P. partnered with a select few of its limited partners (LPs), namely Hamilton Lane, HarbourVest Partners and RCP Advisors, completed the acquisition.

Novacap and Horizon Telcom entered into an acquisition agreement in January 2018. Horizon Telcom’s stockholders approved the transaction in March 2018.

With corporate offices in Chillicothe, Ohio, and a regional office in Columbus, Ohio, Horizon Telcom is a leading provider of advanced broadband services throughout much of Ohio and into surrounding states.

For the year ended December 31, 2017, Horizon Telcom reported total net operating revenues of US $58.13 million, US $8.71 million in operating income, and US $7.32 million in net income.

photo credit: Horizon Telecom

News Release

Novacap Finalizes Acquisition of Horizon Telcom for US$220,000,000

LONGUEUIL, QC, June 18, 2018 /CNW Telbec/ – Novacap, one of Canada’s leading private equity firms, announced today that it has finalized the acquisition of Horizon Telcom (“Horizon”). Horizon is a premier provider of fiber-optic bandwidth infrastructure services operating primarily in Ohio. Novacap acquired the company from its owners at a valuation of over US$220,000,000. Horizon began as a local telephone company over 120 years ago and over the last decade has grown its fiber network from 700 route miles to over 4,300 route miles and nearly 550,000 fiber miles with over 1,600 on-net locations and 16,600 near-net buildings.

“The acquisition of Horizon represents an ideal investment for Novacap to take advantage of the secular growth trends in the fiber industry,” commented Ted Mocarski, a Senior Partner at Novacap. “Horizon is at a crucial moment in its history, where it is quickly transitioning from a traditional telephone company to Ohio’s leading provider of fiber-based services. We look forward to supporting and guiding Horizon through this exciting part of its history.”

“We are excited to take advantage of Novacap’s experience as a successful investor in regional fiber-optic providers such as Oxford Networks, FirstLight Fiber and Fibrenoire,” said Bill McKell, President and CEO of Horizon. “We are grateful to have a partner who can provide the resources necessary to achieve our vision to be the premier provider of broadband services throughout Ohio and surrounding states. Novacap is already encouraging us to look more aggressively at growth opportunities, which includes expanding our network in Columbus and other metropolitan markets in order to enhance our enterprise offering.”

“Today, we formally kick-off our partnership with Horizon as we begin to execute on our common vision of creating a multi-state fiber-optic provider in the Midwest” concluded Ted Mocarski.

Novacap is proud to partner with a select few of its limited partners to complete this transaction, namely Hamilton Lane, HarbourVest Partners and RCP Advisors.

About Novacap

Founded in 1981, Novacap is a leading Canadian private equity firm with $2.3 billion of assets under management. Novacap’s unique investment approach, based on deep operational expertise and an active partnership with entrepreneurs, has helped accelerate growth and create long-term value for its numerous investee companies. With an experienced management team and substantial financial resources, Novacap is well positioned to continue building world-class companies. For more information, please visit

About Horizon Telcom

With corporate offices in Chillicothe, Ohio, and a regional office in Columbus, Ohio, Horizon Telcom is a leading provider of advanced broadband services throughout much of Ohio and into surrounding states. Utilizing its extensive network of fiber optic cable, Horizon delivers advanced high-speed data services, Internet, voice, digital video, security and monitoring services. Horizon’s entrepreneurial heritage and long-standing commitment to remarkable customer care ensures a partnering relationship with its customers using cutting-edge broadband technology and proven telecommunication systems. For more information about Horizon, visit

Forward-Looking Statements

Statements included herein may constitute “forward-looking statements”, which relate to future events, the future performance, or financial condition of Horizon following the acquisition of Horizon by Novacap. These statements are not guarantees of future performance, condition, or results and involve a number of risks and uncertainties. Actual results and condition may differ materially from those in the forward-looking statements as a result of a number of factors.

SOURCE Novacap Management Inc.

For further information: Media contacts: For Novacap: Valérie Gonzalo, 514.626.6976,; Ted Mocarski, 401.862.3242,; For Horizon: Bill McKell, 740-772-8289,