Hibernia
Atlantic, the transAtlantic high bandwidth connectivity provider,
today announced that Constellation Growth Capital (Constellation), a
growth equity investor in the convergence of media, communications and
technology, invested $13.4 million in the company. Columbia Ventures
Corporation (CVC) owns the remaining shares of the company.
The investment provides Hibernia with additional capital for growth
opportunities, including allowing the company to increase its network
Points of Presence (POPs) in North America and Europe. This investment
follows Hibernia’s recent acquisition of MediaXstream, a leading
provider of high quality transport and managed network services for the
media production and broadcast industries.
Constellation is an investment fund founded by Clifford Friedman in 1998
that is now part of Highbridge Principal Strategies, a division of
Highbridge Capital Management (HCM). HCM is a $21 billion global
alternative asset management firm owned by JPMorgan Asset Management.
Under the terms of the transaction, Mr. Friedman will join Hibernia
Atlantic’s Board of Directors.
“We are very pleased that Constellation has decided to make a strategic
investment in Hibernia Atlantic,” said Ken Peterson, Chairman of
Hibernia Atlantic and CEO of CVC. “Under Cliff’s leadership,
Constellation has established a commitment to investing in the
convergence of media, communications and technology, sharing common
goals with CVC and Hibernia Atlantic. We look forward to working
together with Cliff and his team to grow our business and further expand
our network reach.”
“The combination of Hibernia with MediaXstream creates a growth company
of scale to meet the global needs of both the media and financial
services industries. It is one of the few companies which can truly meet
the quality of service demands for these industries,” added Mr.
Friedman. “Few legacy network providers have implemented network
infrastructure that is constructed and architected with the latest
production-hardened technologies, giving Hibernia a unique competitive
position in the market.”
“Constellation’s investment and industry experience better positions
Hibernia to expand our business and provide additional services and POPs
for customer connectivity,” said Bjarni Thorvardarson, CEO of Hibernia
Atlantic. “Hibernia has grown an average of 80% year-over-year for the
past few years and we look forward to what this partnership brings to
the next phase of our development.”
About Hibernia Atlantic
Hibernia Atlantic is the only American-owned, diverse transAtlantic high
bandwidth connectivity provider. It is a transAtlantic submarine cable
and terrestrial fiber network that offers over 92 redundant network
Points of Presence (POPs) throughout Canada, US, UK and mainland Europe
on over 24,000 kilometers of network. Hibernia provides secure and
diverse dedicated Ethernet, DTM and optical-level service up to GigE,
10G and LanPhy wavelengths and traditional SONET/SDH services. In
addition, Hibernia offers wholesale capacity prices, unparalleled
support, flexibility and service. For more information on Hibernia
Atlantic's cutting-edge network or to view its corporate video, please
visit www.hiberniaatlantic.com.
For Hibernia Atlantic business inquiries, please contact Melissa Butler
at +1 908 988 1990 or melissa.butler@hiberniaatlantic.com.
About Constellation Growth Capital
Constellation Growth Capital is a growth equity investor in the
convergence of media, communications and technology. Established in 1998
by Clifford Friedman, Constellation has raised three funds with total
investment assets of over $650 million. Constellation is a division of
Highbridge Principal Strategies, a division of Highbridge Capital
Management, a $21 billion global alternative asset management firm owned
by JPMorgan Asset Management.
For Hibernia Atlantic:
Jaymie Scotto & Associates
+1 866
695 3629
pr@jaymiescotto.com
or
Constellation
Growth Capital
Lisa Steele, +1-212-287-4277
Senior Vice
President
lisa.steele@highbridge.com