Searchlight Capital Partners, L.P. (“Searchlight”) today announced that funds it manages have made a significant investment in EOLO SpA (“EOLO” or the “Company”) in partnership with the Company’s founder, President and CEO, Luca Spada, to support EOLO’s next phase of growth. Mr. Spada will remain the CEO and a significant shareholder of the Company, which he has led since 1999. Under Mr. Spada’s leadership, EOLO has a demonstrated track record of delivering high speed broadband connectivity to “digital divide” areas in Northern Italy.
“Our unique business model raised the interest of many investors over time and we are excited to partner with Searchlight, which has strong expertise and a deep relationship network in our industry and with whom we share a common vision for the development of the business,” said Mr. Spada. “EOLO is a unique company in our industry. We allow vast areas of the population and thousands of businesses to have access to the best connectivity available in Italy.”
“We are excited to work in partnership with Luca Spada and his team to deliver innovative broadband services helping to close the digital divide in Italy,” said Oliver Haarmann, co-founder of Searchlight.
EOLO currently serves approximately 300,000 customers across 13 regions in Central and Northern Italy, and has achieved revenue and EBITDA growth of more than 30 percent year-over-year since 2014. Searchlight’s investment will support the Company’s continued growth strategy.
EOLO is a fixed wireless access broadband provider in Italy, active primarily in the residential market. The Company operates a wireless network based on its proprietary technology, EOLO Wave. The Company covers more than 10 million households across 13 regions in Northern and Central Italy, with a strong focus on rural communities affected by “digital divide”. For more information, please visit www.eolo.it.
About Searchlight Capital Partners
Searchlight Capital Partners is a global private investment firm with offices in New York, London and Toronto. Searchlight seeks to invest in businesses where their long-term capital and strategic support accelerate value creation for all stakeholders. For more information, please visit www.searchlightcap.com.
Advisors to Searchlight in the transaction included KPMG (financial accounting, tax, IT), Chiomenti (legal counsel), Kirkland & Ellis (legal counsel), Solon Management Consulting (commercial and technical due diligence), M37 Ventures (technical and IT due diligence) and AON (insurance due diligence). Advisors to EOLO in the transaction included Johan Bode (financial advisor) and Clifford Chance LLP (legal counsel). Monte Paschi and Unicredit assisted EOLO in the provision of debt financing to support the transaction as well as future growth investments.