Houlihan Lokey Advises Socket Telecom

Houlihan Lokey is pleased to announce that Socket Telecom (Socket) has been acquired by Oak Hill Capital (Oak Hill) and Pamlico Capital (Pamlico). The transaction was signed on December 23, 2024, and closed on March 31, 2025, following regulatory approvals.

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. As part of the new investment, Socket is rebranding as Socket Fiber to better reflect its growth strategy and commitment to providing world-class high-speed internet access.

Founded by George Pfenenger and John Dupuy more than 30 years ago, Socket is a fiber-optic broadband services platform headquartered in Columbia, Missouri, with over 100,000 premises passed. 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, ensuring leadership continuity and operational stability. Jim Gleason, a seasoned broadband executive with a long-standing track record 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.

Following the acquisition of Socket, Oak Hill and Pamlico also acquired IdeaTek Telecom (IdeaTek), a leading Kansas-based fiber internet service provider, which will be combined with Socket to create a scaled Midwest fiber internet service provider. The combined companies are targeting passing more than 500,000 homes in the Midwest with their fiber networks by 2028. 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.

Oak Hill is a leading middle-market investor in communications infrastructure and has made more than 20 investments in the sector over the past 30 years. Oak Hill is one of the most experienced fiber-to-the-home (FTTH) investors, with eight active investments in FTTH platforms across the U.S., totaling approximately four million FTTH passings across its portfolio. Oak Hill was an early investor in Metronet, the largest independently owned FTTH operator in the U.S., with two million FTTH passings, which was recently sold in 2024 to T-Mobile and KKR.

Pamlico, a Charlotte-based middle-market private equity firm, is a leading investor in digital infrastructure, having completed more than 15 investments over the past 30 years. Pamlico is also active in the FTTH space, having partnered with Oak Hill in its investment in Vexus Fiber, a Texas-based FTTH provider that merged into Metronet in early 2022.

Houlihan Lokey served as the exclusive sellside financial advisor to Socket.

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