Astra Capital Management has completed its buy of LOGIX Communications, a telecommunications company that specializes in fiber-based enterprise voice and data services. No financial terms were disclosed.
Houston, Texas (July 7, 2016) – Astra Capital Management (“Astra”), the Washington, D.C.-based private equity firm, is excited to announce today the closing of the acquisition of LOGIX Communications (“LOGIX”), a telecommunications company that specializes in fiber-based enterprise voice and data services. After receiving all necessary regulatory approvals, the investor group led by Astra has officially closed the transaction.
LOGIX is a facilities-based provider of business-focused communications services in Texas and Oklahoma. Through its owned and leased network, LOGIX serves over 11,000 enterprise customers in its six core markets. With approximately 1,000 miles of dense fiber and connections to more than 2,500 buildings, LOGIX provides its enterprise customers high bandwidth services with a superior level of customer care.
Astra partner and broadband industry veteran Matt Murphy has been named chairman of the board and interim CEO of LOGIX. “LOGIX’s culture of superior customer service and fiber focused growth strategy is what attracted us to the company,” said Murphy. “The company has a tremendous history, and we are excited to assist the highly accomplished management team to accelerate LOGIX’s growth plans.”
Astra provides capital and expertise to communications and technology companies to enable their growth and expansion and is uniquely positioned to support LOGIX’s continued success. Astra partners, Murphy and Mark Johnson, have decades of experience growing operations of and managing investments in vibrant companies within the broadband sector. Prior to co-founding Astra, Murphy served as president of Grande Communications and was previously SVP of corporate development for Atlantic Broadband, and Johnson was a managing director and global partner at the Carlyle Group with previous experience at Blackstone and Level(3) Communications. Murphy and Johnson will serve on the LOGIX board of directors and will also be joined by industry veteran and Astra advisor Kevin Beebe.
“Astra couldn’t be more excited to have LOGIX as our first portfolio company,” said Astra Managing Partner Mark Johnson. “Our plans to accelerate the business plan and aggressively expand the company’s fiber offerings to customers will help make LOGIX even more of a leader in the broadband space.”
The transaction was financed through a combination of equity contributions by investment funds affiliated with Astra; Wafra Investment Advisory Group, Inc.; DB Private Equity, a division of Deutsche Asset Management; and other institutional investors. Debt financing was led by Brightwood Capital.
About LOGIX Communications
LOGIX is a fiber-rich, competitive telecom company that leverages over three decades of expansion, innovation and investment to provide a wide range of communications services to business customers in large and fast growing metro markets in Texas and Oklahoma.
About Astra Capital Management
Astra Capital is a Washington, D.C.-based, private equity firm that invests in growth businesses in the communications and technology services sectors. Astra targets highly scalable companies with proven business models that have positive free cash flow and significant growth potential. Post investment, Astra works closely with managers to drive value creation through strategic repositioning, revenue growth and operational enhancements.
About Wafra Investment Advisory Group, Inc.
Wafra is a global investment management firm headquartered in New York City and beneficially owned by the Public Institution for Social Security of Kuwait. As of December 2015, Wafra and its affiliates had about $15.4 billion of assets and commitments under management. Wafra seeks to partner with best in class operators and management teams in real assets and infrastructure investment opportunities.
DB Private Equity (Deutsche Asset Management)
DB Private Equity manages $12 billion (as of December 31, 2015) in institutional and private client assets across primary fund of funds, secondary opportunities and direct equity co-investments globally. DB Private Equity is part of Deutsche Asset Management. To learn more about Deutsche Asset Management’s Private Equity business, go to www.dbpe.com
Deutsche Asset Management
With about USD 842 billion of assets under management (as of March 31, 2016), Deutsche Asset Management¹ is one of the world’s leading investment management organizations. Deutsche Asset Management offers individuals and institutions traditional and alternative investments across all major asset classes.