The Blackstone Group is Hotwire Communications’ newest backer.
The private equity giant (NYSE: BX) announced it made an investment in the Fort Lauderdale-based internet provider through funds managed by Blackstone Tactical Opportunities and Blackstone Infrastructure Partners.
Hotwire Communications, founded in 2000 by Michael Karp and CEO Kristin Johnson, is a leading fiber optic internet provider across Florida, Georgia and the Carolinas. Blackstone aims to respond to the surging demand for high-speed internet as more consumers add connected devices – such as smart security systems and smart refrigerators – to their homes.
“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,” said Jasvinder Khaira, senior managing director with Blackstone Tactical Opportunities.
Source: The Business Journals
By Ashley Portero
