Secaucus, New Jersey - September 14, 2010FiberMedia Group, LLC (“FiberMedia” or the “Company”) announced today that it has finalized its partnership with The Stephens Group, LLC, a Little Rock, Arkansas based private equity firm. The equity investment by The Stephens Group completes a majority recapitalization that positions the Company for the next stage of its growth.
Michael Bucheit is joining FiberMedia as President and will support Michael Roark, Founder and Chief Executive Officer, and his executive team in the continued development and execution of its multi-regional data center expansion strategy.
FiberMedia serves some of the largest and most sophisticated companies in the financial services, media, healthcare and information technology industries. These customers turn to FiberMedia for its network of highly resilient data centers and customized service offering to manage their mission-critical information technology infrastructure and data.
“FiberMedia’s team is very excited about the opportunity to support the significant growth needs of our continuously expanding customer base. We are grateful to have found a long-term capital partner in The Stephens Group who share our strategic vision and will enable us to grow while providing our customers with the highest quality facilities and services,” said Michael Roark, Founder and CEO of the Company.
“We believe that the data center industry is at the core of a fundamental shift in the enterprise market. The explosive growth of enterprise data, the proliferation of onerous industry-specific compliance requirements and the complexity and high cost of managing the required IT infrastructure are among many reasons why businesses of all sizes are seeking to partner with reliable and smart data center operators like FiberMedia. The Company’s operating track record, focus on customer service, and talented people position FiberMedia to successfully develop customer solutions across many geographic regions,” said Robert Covington, principal of The Stephens Group.
Robert Covington, principal of The Stephens Group and Tom Hedrick, a former McKinsey director and managing partner of their Dallas office, will be joining Michael Roark and Michael Bucheit on the FiberMedia board.
About FiberMedia Group, LLC
FiberMedia owns and operates a network of six data centers that comprise approximately 140,000 square feet of data center space. Colocation space, along with fully-managed data center operations are available within these secure, carrier-neutral facilities located in Manhattan, Brooklyn, Secaucus, Jersey City, Westchester and Cleveland. FiberMedia also provides turnkey data storage, business continuity & disaster recovery solutions as a safe and affordable alternative for their customers’ functional remote data center operations. For over 20 years, their design/build division has provided complete development services to create new custom-tailored new data center facilities. FiberMedia is a privately held, shareholder-operated company known for its innovation and customer responsiveness.
About The Stephens Group, LLC
The Stephens Group is a private, family-owned firm that invests its capital in private and public companies with exceptional management teams and high returns on invested capital in growing industries. The principals of The Stephens Group have over 70 years of history in successfully investing in both minority and control positions across multiple industries. The Stephens Group, through its affiliates, has large positions in gas exploration and production, media, communications, consumer, manufacturing and other industries. The Stephens Group typically provides equity capital of $5 million to $75 million dollars per transaction and looks to invest $100-$200 million per year.
- Ronald M. Clark
- General Counsel
- The Stephens Group, LLC