A Bethel-based cable installation company has been acquired by two New York private equity firms.
Rye Brook, New York-based Hudson Glade has partnered with New Rochelle, New York-based New State Capital Partners to purchase ComNet, a Bethel-based installer of low-voltage structured cabling, audiovisual and security systems for commercial customers.
ComNet’s CEO Glenn Wagner and existing management will continue to lead the business after the deal is closed. Financial terms were not disclosed.
“Expanding ComNet’s presence in the growing data center market, deepening its existing customer relationships through adjacent services, investing in its already strong sales organization and pursuing strategic acquisitions all represent meaningful opportunities for value acceleration,” said David Simon, managing director at Hudson Glade.
The acquisition will help ComNet scale the business and enhance its services, Wagner said.
“This partnership builds on ComNet’s legacy and positions us to strengthen our role as a leading provider of low voltage infrastructure across industries,” he said.
Energy Impact Partners and GarMark Partners provided financing and support for the deal. Troutman Pepper Locke acted as legal advisor to Hudson Glade.
