SAN FRANCISCO--(BUSINESS WIRE)--Generate Capital and Ubiquity Management announced today the launch of a smart cities partnership to build high-quality fiber-to-the-premises networks and complementary sustainable digital infrastructure. Pairing Generate’s infrastructure-as-a-service model and the Ubiquity team’s expertise in fiber and broadband offers municipalities and communities comprehensive access to digital and energy transition infrastructure solutions.
In this transaction, Generate has acquired Ubiquity and its existing fiber networks in the Dallas-Fort Worth and Austin metro areas and in North County, San Diego, where Ubiquity currently serves over 8,400 customers. The partnership, which also includes founding Ubiquity shareholder Montage, expects to invest more than $400 million in current projects to fund the completion of contiguous networks and will expand to serve additional cities.
This transaction expands Generate’s energy transition and sustainability-focused platform into smart cities and digital infrastructure. It accelerates Ubiquity’s existing fiber broadband operations, and provides customers with a complete set of digital and sustainable energy solutions. Generate already owns and operates over 2,000 sustainable infrastructure assets across the power, waste, water and mobility sectors.
"Cities have been asking for a much more integrated approach to their digital and clean energy needs as we transition from the old model, and we are excited to grow our platform with the innovative Ubiquity team to bring these communities a great answer," said Scott Jacobs, chief executive and co-founder of Generate Capital. "Since inception, we have pioneered the four “D’s” of the Infrastructure Revolution – Decarbonized, Democratized, Decentralized, and Digitized – and this partnership serves as a great case study in that momentous shift where digital and energy infrastructure converge."
Ubiquity, led by co-founders Jamie Earp and Ajay Ghanekar, brings 50+ years of combined experience developing digital infrastructure assets. Members of Ubiquity’s leadership team have expertise in development, engineering, investment and operations and previously served in leadership roles at Verizon, Sprint, Consolidated and Fair Point Communications.
“Our partnership combines Ubiquity’s industry-leading experience in digital infrastructure with Generate’s sustainability expertise and track record of partnering with both innovators and communities for the long term,” said Andrew Marino, senior managing director at Generate. “This team has the track record and capabilities to bring holistic solutions to municipalities at the forefront of digital infrastructure and climate solutions and a shared mission to rebuild the world for the better. Ubiquity and Generate will work tirelessly to meet the diverse and long-term needs of our communities.”
Ubiquity’s open-access fiber networks are designed to accommodate all current and future fiber uses, including long-term contracts with broadband providers, mobile carriers, government entities, utilities, edge computing, and any other industry where ubiquitous wired and wireless connectivity is or will be critical to success.
“Since we launched Ubiquity in 2019, our driving mission has been to invest in communications infrastructure that can empower customers, communities and the citizens they serve,” said Jamie Earp, co-founder and managing partner at Ubiquity. “Generate shares our mission and values and their commitment to Ubiquity will allow our operationally focused management team to accelerate connectivity solutions that drive resource efficiency, climate resilience and greater digital equity. Generate’s long term investment approach not only supports Ubiquity's operating mindset and capabilities, but allows us to do what we do at much lower cost than many capital alternatives.”
“Ubiquity’s partnership with Generate is the perfect next step to accelerate the growth of the Ubiquity platform and continue our shared mission to bring broadband solutions to more customers and communities. We are honored to continue to invest alongside Generate for the years to come,” said Christian Scharosch, co-founder of Ubiquity and managing director at Montage, a co-investor in the partnership.
The transaction is subject to customary regulatory approvals. Greenberg Traurig and Morrison & Foerster served as legal advisors to Generate. Thompson Hine served as legal advisor to Ubiquity. Kirkland & Ellis served as legal advisor to Montage.
Generate Capital, PBC is a leading sustainable infrastructure company driving the infrastructure revolution. Generate builds, owns, operates and finances sustainable infrastructure projects in clean energy, water, waste, transportation and digital infrastructure. Founded in 2014, Generate partners with over 40 technology and project developers and owns and operates more than 2,000 assets globally. Generate is the one-stop shop offering pioneers of the infrastructure revolution tailored funding and support needed to get projects built. Our Infrastructure-as-a-Service model delivers affordable, reliable and sustainable resources to over 2,000 customers, companies, communities, school districts and universities. Together, we are rebuilding the world. For more information, please visit www.generatecapital.com.
Ubiquity invests, develops and manages digital communications infrastructure throughout the United States. Ubiquity partners with ISPs, wireless carriers, utilities, and municipalities to deliver connectivity and sustainability solutions in underserved communities. Ubiquity’s mission focuses on providing customer choice and spurring competition, both essential components of empowering communities for the future. Please visit www.ubiquitygp.com/ for more information.
Montage, an affiliate of 1248 Holdings, is an investment firm that empowers the next generation of asset managers. Montage provides capital and operational support to emerging managers that display promising and scalable business potential. By using an incubation approach, Montage serves as a full-suite resource partner bringing emerging managers to the institutional marketplace. Montage brings together a diverse group of investment managers – each offering a distinct approach to money management that reflects many decades of professional experience and proprietary investment strategies across global asset classes. The firm's organizational approach is to allow individual investment managers to retain their boutique approach, talent and culture that have proven records of adding value to portfolios and meeting client objectives. Visit www.montageinvestments.com.