GI Partners and Blue Stream Fiber on June 2 jointly announced that GI Partners, in partnership with the company's CEO, Joe Canavan, has acquired a majority interest in Blue Stream from Twin Point Capital.
"Reliable high-speed data in the home is critical to daily life. Blue Stream Fiber offers a superior alternative to traditional providers – both in terms of network quality and customer focus," commented Steve Smith, managing director of GI Data Infrastructure.
Headquartered in Coral Springs, Florida, Blue Stream provides gigabit-speed broadband, as well as video and voice services to residential and commercial customers in South Florida. Under Twin Point's ownership, Blue Stream transformed from a traditional cable business to a rapidly-growing, customer service-focused provider of fiber-based bandwidth and broadband internet services to residential and commercial customers in Florida.
"Consumers in Florida want the most reliable networks and high-touch customer support," said Joe Canavan, CEO of Blue Stream. "Blue Stream is committed to drive ever-increasing levels of customer support and satisfaction, and to further differentiate our services from incumbents. Over the coming months and years, our partnership with GI Partners will ensure that we can expand and provide our great services across the entire state."
The investment by GI Partners will support growth in Blue Stream's existing markets, expansion throughout the state of Florida, and will strengthen and deepen Blue Stream's customer service capabilities.
"Blue Stream is growing rapidly in one of the most exciting markets in the US. We have a great opportunity, in partnership with Joe and his team, to create value while delivering world-class service to millions of Floridians," said Mark Prybutok, managing director of GI Data Infrastructure.
In the transaction, Paul Hastings LLP acted as legal counsel to GI Partners. Lazard Middle Market acted as financial advisor to Blue Stream, and Cooley LLP served as legal counsel to Twin Point Capital.
"It has been a great honor and privilege to partner with Joe Canavan, Mark Dineen and the Blue Stream team. Together, we built Blue Stream into a world-class gigabit services provider with a passion for providing state-of-the-art products and superior service to our customers and communities. We wish the company continued success," concluded Jonathan Friesel, a managing partner of Twin Point Capital.