Lightship Secures $12.7M in Funding

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Lightship Secures $12.7M in Funding

Sun, 02/24/2002 - 8:00pm -- tim

(Feb 19, 2002) WILLISTON, VT -- Lightship Telecom, an integrated business communications provider to Vermont and New England, today announced a private equity investment of an additional $12.7 million by JPMorgan Partners and Megunticook Management. This new funding represents an initial investment from Megunticook Management and continued support from JPMorgan Partners (formerly JPMorgan Capital Partners) in the Bedford, NH-based company. This investment fully funds Lightship to profitability.
"This investment by JPMorgan Partners and Megunticook validates Lightship’s business model, to provide highly-reliable telephony, data and high-speed Internet services over a state-of-the-art, facilities-based digital switching network throughout the Northeast,” said Kevin O’Hare, President and CEO. “Our strong financial position will enable us to continue to offer innovative services and delight our customers at a time when other carriers are challenged. The company will realize its vision of being considered the provider of choice for business communications solutions in the markets we serve.”
A provider of telephony, data and high-speed internet services to businesses and other organizations, Lightship allows its customers to enjoy single-source voice & data communications, supported by outstanding customer service.
“JPMorgan Partners is pleased to continue its support of Lightship, its employees and its customers. We are excited to remain closely involved with one of the pre-eminent communications providers in New England,” said Matthew Niehaus, a representative of JPMorgan Partners.
“Megunticook is thrilled to be partnering with a proven management team that has built a telecommunications company capable of making money rather than talking about it,” says Thomas Matlack, Managing Partner at Megunticook.
About Lightship:
Lightship is an integrated communications provider serving businesses with highly reliable and cost efficient telecommunications, data and high-speed internet services. To thrive in the dynamic telecommunications industry, Lightship implements customer-focused and conservative business strategies, leveraging a facilities-based digital switching network, strategically situated throughout New England. Lightship customers benefit from a single point of contact for customer service, and a single monthly invoice provided in a variety of formats, delivering on-line reports and various account summaries and statistics.
The Lightship corporate name evokes the security of the lightship, an anchored vessel that serves as a floating lighthouse along rocky shorelines. Lightship business solutions include high-speed digital internet access, local phone service, regional and long distance services, web hosting, e-mail, conference calling, frame relay, ATM voice and data services, co-lo-cations and digital Virtual Private Networks (VPNs) door-to-door. For information about Lightship, contact Lightship at 877-548-7447, info@lightship.net or via www.lightship.net.
About JPMorgan Partners:
JPMorgan Partners (JPMP), formerly JPMorgan Capital Partners, is a global partnership with over $30 billion under management. It is a leading provider of private equity and has closed over 1,800 individual transactions since its inception in 1984. JPMP has more than 150 investment professionals in eleven offices throughout the world. JPMorgan Partners’ primary limited partner is J.P. Morgan Chase & Co. (NYSE: JPM), one of the largest financial institutions in the United States. For additional information, visit www.jpmorganpartners.com.
About Megunticook:
Based in Boston, Megunticook invests in promising communications, media, and technology companies at the earliest stages of their development cycles. Megunticook's goal is to produce superior economic and social returns by working closely with entrepreneurs to develop innovative products, services and technologies. For additional information, visit www.megunticook.com.
Contact:
Chip Underhill
Manager, Corporate Communications
Lightship
877-846-6700
cunderhill@lightship.net