Socket Telecom, a leading Missouri-based fiber internet service provider, announced a strategic investment from Oak Hill Capital, a thematic, middle-market private equity firm, and Pamlico Capital. This transaction marks the beginning of an exciting new chapter for Socket, as the Company seeks to significantly accelerate its fiber network expansion, while still preserving Socket’s longstanding commitment to providing outstanding customer service in its local communities.
As part of the new partnership, Oak Hill and Pamlico have committed significant additional equity capital to fund the accelerated construction of Socket’s 100% fiber network throughout Missouri. The Company plans to expand its fiber network into new towns across Missouri, beginning with Webb City, Odessa, Eureka, Nevada, and Harrisonville, with anticipated extension to additional Missouri communities expected to be announced in the near future. This expansion is designed to bring the benefits of high-speed internet access to even more residents and businesses, fostering economic growth and creating local employment opportunities. As part of the new investment, Socket Telecom is rebranding as Socket Fiber to better reflect its growth strategy and commitment to providing world-class high-speed internet access.
Oak Hill and Pamlico also announced a similar strategic investment in IdeaTek Telcom, a leading Kansas-based fiber internet service provider, which will be combined with Socket to create a scaled Midwest fiber internet service provider. With the significant capital investment from Oak Hill and Pamlico, the combined companies are targeting passing over 500,000 homes in the Midwest with their fiber networks by 2028.
Founded by George Pfenenger and John Dupuy over 30 years ago, Socket is a leading fiber provider in Missouri, with a network currently passing over 100,000 premises and a reputation for delivering reliable, high-quality connectivity and dedicated customer service. As part of the transaction, George Pfenenger will transition from his day-to-day responsibilities and join the board of directors. Carson Coffman will continue in his role to help ensure leadership continuity and operational stability. Jim Gleason, a seasoned broadband executive with a history of success in partnership with both Oak Hill and Pamlico, including most recently as CEO of Vexus Fiber, has been appointed to the role of Executive Chairman of the combined company.
Both Socket and IdeaTek will remain as distinct brands with local management, preserving their individual identities and the relationships they have built within their respective communities. The combined companies intend to use the significant capital from Oak Hill and Pamlico to expand across the Midwest.
George Pfenenger, Co-founder, Socket
We are thrilled to partner with Oak Hill and Pamlico to advance our mission of providing top-tier internet services to communities throughout Missouri and the broader Midwest along with IdeaTek. Both Oak Hill and Pamlico have extensive experience in the broadband sector, and their commitment to infrastructure development make them ideal partners as we scale our operations while maintaining our commitments to existing customers and employees.
Jeff Butler, Principal at Oak Hill Capital
At Oak Hill, we believe that access to reliable, high-speed internet represents a fundamental underpinning of economic growth and equal opportunity for all Americans. This acquisition underscores our and Pamlico’s history of investing together in digital infrastructure and shared commitment to building leading broadband businesses through partnership, operational support, and strategic investment. We are eager to further extend Socket’s high-speed fiber network and outstanding customer service to underserved communities across the Midwest.
Andrew Tindel, Partner at Pamlico
We are thrilled to invest in partnership with Oak Hill in building upon Socket’s and IdeaTek’s established track records. We have enjoyed a successful, long-term partnership with Jim Gleason and his experienced operating team building a number of broadband infrastructure businesses over the past 20 years. We are excited to partner again with him and the talented existing Socket and IdeaTek teams to expand the companies’ footprints and serve the attractive market opportunity in the Midwest.
Jim Gleason, Executive Chairman
I am honored to partner with the talented teams at both Socket and IdeaTek to build a leading Midwest fiber internet service provider. The Socket and IdeaTek teams have built highly attractive businesses with a history of success, and I am excited to further scale these platforms by providing high quality, fiber-based internet service to even more communities in the Midwest.