PORTLAND, Maine — Private equity firm Oak Hill Capital Partners has reached a deal to buy a majority stake in the Lewiston-based telecom company Oxford Networks and combine it with another regional Internet company.
Oak Hill did not reveal what it will pay for acquiring control of Oxford Networks from the Canadian private equity firm Novacap, which bought the company in 2014 for about $50 million and invested $6 million to expand a Brunswick data center.
The companies said in a statement Thursday that, since 2014, Oxford has doubled its revenues. The company, founded in 1900 as a telephone provider, employs about 120 people.
Oak Hill said that it plans to combine Oxford Networks with another of its recent acquisitions, the company FirstLight Fiber, which operated fiber-optic cable networks in New Hampshire, Vermont and New York.
Through a spokesman, Oak Hill declined to detail its plans for the structure of the combined company.
Oxford has in recent years sought to focus more on providing IT services through its data center and fiber-optic cable network. In September 2015, it secured regulatory approval to acquire the New Hampshire internet and data center company BayRing Communications.
Oak Hill said that it expects the transaction to close in the fourth quarter of 2016, after securing regulatory approvals. The New York firm said it manages funds that have attracted about $9 billion in investment.