Global alternative asset management firm GCM Grosvenor (NASDAQ: GCMG) has acquired a significant ownership stake of Ohio-based fibre-optic infrastructure company Horizon.

GCM Grosvenor will invest through its Labor Impact Strategy and joins the existing investor group led by Canada’s private equity firm Novacap TMT.

Horizon said in a statement that with the new investment, the company will continue its growth strategy and expand fibre-based connectivity services to businesses, carriers and residential customers throughout Ohio and the greater Midwest region.

The 120-year-old operator, which started as a local telephone company, as well as Novacap were represented in this transaction by Paul Hastings, LLP, and GCM Grosvenor was represented by Morgan Lewis & Bockius, LLP.

Ted Mocarski, Chairperson of the Horizon Board of Directors and Senior Partner at Novacap TMT, said:  “With an experienced investor like GCM Grosvenor as our new partner, we expect to continue growing throughout Ohio and the Midwest with the added ability to now provide fiber-based connectivity to residential customers.”

“GCM Grosvenor is excited to announce this investment in Horizon, a growing and well-positioned communications infrastructure provider with what we consider a significant competitive advantage in its region from both a cost and time-to-market perspective.”

GCM Grosvenor has 50 years of market activity and approximately $67 billion in assets under management across private equity, infrastructure, real estate, credit, and absolute return investment strategies.

Matthew Rinklin, Managing Director at GCM Grosvenor, said: “GCM Grosvenor is excited to announce this investment in Horizon, a growing and well-positioned communications infrastructure provider with what we consider a significant competitive advantage in its region from both a cost and time-to-market perspective.”