NOVA Infrastructure Acquires Xchange Telecom / Skywire Networks
XCHANGE (AND ITS COMMERCIAL BUSINESS, SKYWIRE) JOINS GROWING LIST OF NOVA PORTFOLIO COMPANIES
New York, NY – November 29,2022 – NOVA Infrastructure (“NOVA”), a middle-market infrastructure investment firm, today announced that it has acquired Xchange Telecom (“Xchange”), a company that delivers high-speed internet, voice, and unified communication services to residents and businesses in Brooklyn, Queens, Manhattan and the Bronx, as well as communities in upstate New York and New Jersey. NOVA first invested in Xchange in September 2021.
“We see tremendous potential in the high-speed broadband Xchange provides New Yorkers, especially those underserved businesses and residents in older buildings and harder to access areas,” commented Chris Beall, Founder and Managing Partner of NOVA Infrastructure. “The communications sector is one of NOVA’s investment targets and Xchange is a strong addition to our portfolio in this area. We look forward to working with the Xchange team to help the company grow and achieve new levels of success.”
Xchange was founded in 2002 to address New York City’s ongoing problem of a lack of quality high-speed internet and voice services in many of its residential and commercial buildings in Brooklyn, Queens and the Bronx, which the company refers to as “digital deserts.” Today, Xchange and its commercial business, Skywire, provide broadband in New York City, upstate New York, and New Jersey to more than 2,000 lit buildings, 50 neighborhood hubs and relays, and a near-net footprint exceeding 350,000 buildings.
“We are excited about the opportunities for growth this acquisition presents for the company,” said Rudy Morando, CEO of Xchange. “NOVA has an excellent reputation of collaborating with and supporting its portfolio companies to provide capital, relationship management, and operations expertise to help them reach their fullest potential."
In July 2022, NOVA announced the close of its $565 million infrastructure Fund I, which attracted commitments from a diverse group of leading North American and global institutional investors including public and private pension funds, insurance companies, family offices and asset managers.