FDN Communications and H.I.G. Capital, a private equity firm in the Southeast, have acquired Supra Telecom, a Miami-based telephone company operating out of bankruptcy court protection.
Maitland, Fla.-based FDN and H.I.G. each will own half of Supra, a telecommunications provider supporting about 250,000 residential customers and generating annual revenue of approximately $150 million, according to a joint news release. Supra on Monday emerged from Chapter 11 bankruptcy.
This investment is a great fit with our strategy to deepen our penetration in our core markets and will rapidly accelerate our revenue growth, FDN Founder and CEO Mike Gallagher said.
FDN, a privately held company, provides communications services in the Southeast to some 70,000 business customers, according to its Web site. Investors in the company include Centennial Ventures, Columbia Capital and M/C Venture Partners.