Oak Hill Capital to Acquire Majority Stake in Wyyerd from Carlyle

Carlyle will retain a minority stake in Wyyerd after holding majority ownership since 2021.

Rhea-AI Summary

Carlyle (NASDAQ: CG) has agreed to sell a majority stake in Wyyerd Group Holdings to Oak Hill Capital under a definitive agreement. Carlyle will retain a minority stake in the fiber broadband provider, which serves residential and business customers in Arizona and Southern California. Financial terms were not disclosed. The transaction is expected to close in January 2027, subject to customary regulatory approvals and closing conditions.

Carlyle has held majority ownership since 2021, supporting acquisitions, network expansion and investment in Wyyerd's leadership and operations. Wyyerd's network expanded more than twentyfold during that period. Oak Hill expects its investment to support continued network expansion within and beyond Wyyerd's existing footprint.

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PositiveiHow this balance works

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Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate point. Forward-looking: it has not happened yet and may not happen.Definitive agreement provides for Carlyle to sell a majority stake in Wyyerd to Oak Hill Capital.

Negative

• Minor pointClosing remains subject to regulatory approvals, with completion expected in January 2027.

Key Figures

Wyyerd network expansion: More than twentyfold Expected transaction closing: January 2027

Wyyerd network expansion

More than twentyfold

Growth under Carlyle's majority ownership since 2021

Expected transaction closing

January 2027

Subject to customary regulatory approvals and closing conditions

Key Terms

fttp

1 terms

fttp technical

"fiber-to-the-premises ("FTTP") broadband provider"

FTTP (Fiber to the Premises) means running optical fiber directly to a building or home so internet and phone services travel over light-speed cables rather than older copper lines. For investors, FTTP matters because it typically requires large upfront spending but delivers much faster, more reliable service that can attract customers, enable higher-priced plans, lower maintenance costs over time, and affect long-term revenue and competitive position—like upgrading a neighborhood from dirt roads to a modern highway.

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Strategic investment leverages Oak Hill's expertise scaling fiber businesses to accelerate Wyyerd's network expansion across Arizona and Southern California

PHOENIX, Oct. 29, 2026 /PRNewswire/ -- Oak Hill Capital ("Oak Hill"), a thematic, middle-market private equity firm, today announced that it has entered into a definitive agreement to acquire a majority stake in Wyyerd Group Holdings, LLC ("Wyyerd" or the "Company"), a fiber-to-the-premises ("FTTP") broadband provider operating in Arizona and Southern California, from global investment firm Carlyle (NASDAQ: CG). Financial terms were not disclosed.

The investment builds on Oak Hill's extensive experience investing in and scaling FTTP businesses and will support Wyyerd's continued network expansion across and beyond its existing footprint. Led by Chief Executive Officer Justin Freesmeier, Wyyerd provides high-speed fiber connectivity to residential and business customers. The company has earned Ookla award titles for Top-Rated Internet Provider, Fastest Internet Speeds, and Most Reliable Internet Speeds across its entire footprint and was named one of Consumer Reports' highest-rated internet service providers in 2026.

Under Carlyle's majority ownership since 2021, Wyyerd has grown into a leading regional fiber broadband platform. Working closely alongside management, Carlyle has supported the company's growth through strategic acquisitions, disciplined network expansion and investment in its leadership and operational capabilities. During this period, Wyyerd has expanded its network more than twentyfold, significantly extending its reach across its core markets. As part of the transaction, Carlyle will retain a minority stake in Wyyerd.

"We are excited to partner with Oak Hill as we enter Wyyerd's next phase of growth," said Justin Freesmeier, Chief Executive Officer of Wyyerd. "Carlyle has been an invaluable partner in helping us build and scale the business, and we are grateful for their support over the past five years. Oak Hill's extensive experience in fiber infrastructure and shared commitment to delivering reliable, high-speed connectivity make them an ideal partner. The combined backing of Oak Hill and Carlyle strengthens our capital foundation, enabling us to accelerate network expansion and deliver high-speed fiber internet to even more customers across the region."

"Wyyerd has established a strong foundation as one of the leading fiber operators in Arizona and Southern California, supported by a best-in-class management team and significant opportunities for continued growth," said Jeff Butler, Principal at Oak Hill Capital. "We look forward to leveraging our expertise and working with Justin in an effort to expand the Company's fiber network and bring high-speed connectivity to more communities across the region."

Peter Taylor, Co-Head of Carlyle Global Infrastructure, said: "Our investment in Wyyerd reflected our conviction in the essential role of fiber infrastructure in supporting growing demand for high-speed connectivity. Working alongside Justin and his management team, we have helped build a leading fiber broadband platform through strategic investment and operational improvements. We believe Wyyerd is exceptionally well positioned to capitalize on the significant opportunities ahead."

Oak Hill and its predecessors have invested in the broadband and communications sector for more than 30 years as part of the firm's long-standing digital infrastructure investment strategy. The acquisition of Wyyerd marks the firm's 25th transaction in the broadband communications sector and brings its FTTP portfolio to nine platforms operating across 37 states, collectively passing approximately seven million locations and currently building more than one million new locations annually.

The transaction is expected to close in January 2027, subject to customary regulatory approvals and closing conditions. Lazard and TD Securities are serving as financial advisors to Wyyerd, and A&O Shearman is serving as legal counsel. Guggenheim Securities is serving as financial advisor to Oak Hill, and Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel.

About Wyyerd

Wyyerd Fiber delivers the fastest and most reliable Fiber Internet with its industry-leading Fiber-Optic Network enabling speeds up to 8 GIG for residents and businesses in the Arizona and California markets. Wyyerd provides award-winning, affordable, and reliable connectivity tailored to each community, supported by local teams and unmatched customer service. Every region is unique, so Wyyerd puts local leadership at the heart of everything. Launched in 2017, Wyyerd's vision has been to become a trusted partner for Internet services, build lasting relationships, and connect communities one neighborhood at a time. For more information, please visit wyyerd.com.

About Oak Hill Capital

Oak Hill Capital is a thematic, middle-market private equity firm focused primarily on investing in resilient, defensive growth-oriented services businesses in North America. The firm takes a systematic approach to identifying and building enduring franchises aligned with high conviction themes in (i) digital infrastructure; (ii) financial services; and (iii) essential services. Headquartered in New York City, with offices in Menlo Park and Stamford, over its ~40-year history, Oak Hill and its predecessors have made over 120 investments and Oak Hill has raised over $26 billion in initial capital commitments since inception.

For more information, please visit www.oakhill.com.

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit, and Carlyle AlpInvest. With $485 billion of assets under management as of June 30, 2026, Carlyle's purpose is to connect people, ideas, and capital to fuel growth for companies and performance for investors. Carlyle employs more than 2,500 people in 28 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

Media Contacts

Wyyerd Fiber
Jonah Pollack
917-439-2281
jonah.pollack@wyyerd.com

Oak Hill Capital
Trevor Gibbons
Prosek Partners
pro-OakHillCapital@prosek.com

Carlyle
Charlie Bristow
+ 447384513568
charlie.bristow@carlyle.com 

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SOURCE Oak Hill Capital

FAQ

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What stake in Wyyerd is Carlyle selling to Oak Hill Capital?

Oak Hill Capital has agreed to acquire a majority stake in Wyyerd from Carlyle, which will retain a minority stake. Financial terms were not disclosed.

When is Carlyle's Wyyerd transaction expected to close?

The transaction is expected to close in January 2027, subject to customary regulatory approvals and closing conditions.