NEW YORK – Today, funds managed by Blackstone Tactical Opportunities and Blackstone Infrastructure Partners (collectively, "Blackstone") announced an investment in Hotwire Communications ("Hotwire"), a leading provider of fiber-to-the-home in the United States.
Co-founded in 2000 by Michael Karp and CEO Kristin Johnson, Hotwire's 100-percent fiber network helps deliver cutting-edge internet and telecommunication services to high-rise multi-dwelling units, gated communities, and homeowners' associations across Florida, Georgia and the Carolinas. Hotwire has previously been named by Netflix as the fastest consumer internet provider in the country and has industry-leading consumer satisfaction scores.
Jasvinder Khaira, a Senior Managing Director with Blackstone Tactical Opportunities, said: "We are proud to back this team of world-class technology entrepreneurs at Hotwire. Consumers are increasingly seeking state-of-the-art fiber connectivity to meet their growing need for connected devices in their homes, and we believe Hotwire is exceptionally well positioned to capitalize on this rising market demand. We look forward to leveraging Blackstone's scale to turbocharge Hotwire's growth with further investment."
Greg Blank, a Senior Managing Director with Blackstone Infrastructure Partners, said: "We are enormously excited to invest behind the Hotwire management team as they continue their pioneering efforts to deliver best-in-class technology and connectivity. Data proliferation and consumer connectivity are two of Blackstone's highest conviction themes, and we are pleased to invest in an industry leader. By combining Hotwire's strong, entrepreneurial business model with Blackstone's scale, resources, and reach, we see an immense opportunity for continued growth."
Kristin Johnson, CEO of Hotwire, said: "The Hotwire Team is thrilled with the partnership with Blackstone. We have an aligned vision for both the future of broadband and fiber optic infrastructure, and Blackstone's broad reach will help Hotwire to continue to scale as a premier provider of telecom and Internet services during a time when digital services are playing an increasingly vital role in all our lives."
Tactical Opportunities is Blackstone's platform investing globally across asset classes, industries and geographies, seeking to identify and execute on attractive, differentiated investment opportunities in high-conviction themes. Blackstone Infrastructure Partners is the firm's permanent capital infrastructure platform, which is an active investor across the transportation, digital infrastructure, energy (renewables, utility and midstream) and water and waste sectors.