Sponsored By

Eschelon Telecom Gets $3M

Eschelon Telecom completes $3M financing round from Wind Point Partners, Stolberg Equity Partners, and minority investors

January 7, 2003

1 Min Read

MINNEAPOLIS -- Eschelon Telecom, Inc., an Integrated Communications Provider of voice, data, Internet services and business telephone systems, announced today that it has closed new equity investments of $3 million. This additional round of financing brings Eschelon's total funding raised in 2002 to $50 million. The proceeds of the financing will be used for general business purposes. The $3 million round of financing closed on December 23, 2002 and was invested by Wind Point Partners, Stolberg Equity Partners and minority investors. Earlier in 2002, Eschelon raised $47 million from Bain Capital, Wind Point Partners, Stolberg Equity Partners, General Electric Capital Corporation and several other minority investors. "Raising private equity is difficult in today's market, especially for telecom companies," stated Richard A. Smith, Eschelon's President and Chief Operating Officer. "Eschelon received additional funding because we have a proven track record for business plan execution, we achieved EBITDA (earnings before interest, taxes, depreciation and amortization) positive status in August, 2002, and we've achieved the necessary scale with $120 million in revenue, over 150,000 access lines and more than 35,000 business customers." Eschelon Telecom Inc.

Subscribe and receive the latest news from the industry.
Join 62,000+ members. Yes it's completely free.

You May Also Like