June 5, 2023 Broadband Infrastructure Partnership – ByVerTek and Diversity Capital
JUNE 5, 2023 — BOCA RATON, Fla. — ByVerTek Enterprises, LLC, a broadband construction and engineering services company, announced today that it has obtained an investment from Diversity Capital Company, LLC through its affiliate, Diversity Capital Fund I L.P. Given the federal government’s commitment to expanding the digital highway, this investment will enable ByVerTek to accelerate its growth plan by using this fresh capital to expand in-house crews and equipment and fund strategic acquisitions. The Diversity Capital investment will qualify ByVerTek as a minority-controlled and led business enterprise, one of the largest in the sector.
“I’m excited about our partnership and working closely with the Diversity Capital team to accelerate the expansion of ByVerTek,” said its founder Andrew J. Healey. “Our goal is to shift to a more in-house workforce model to improve the training, management and quality control of our crews to improve quality assurance and the customer deployment timeline. This will differentiate us in one of the most robust environments that I’ve seen in a long time.”
Founded as VerTek in 2014, ByVerTek provides project management and skilled technicians to build, upgrade and maintain the physical infrastructure that delivers high-speed internet, video, voice and wireless, and IoT services across the United States.
“Most MSOs, telcos and other telecom companies requiring communications infrastructure have deep supplier diversity commitments but have few diverse construction and engineering companies to choose from. We see that as a huge opportunity,” said Diversity Capital CEO Lawrence C. Manson Jr. “Further, in keeping with Diversity’s corporate mission, we hope to be able to help underserved communities by expanding internet access.”
Pursuant to the investment, Mr. Manson now serves as executive chairman of the board and CEO of ByVerTek, the parent of ByVerTek Holdings, LLC, while Mr. Healey serves as CEO of ByVerTek Holdings, LLC and its two subsidiaries, ByVerTek, LLC and IoT ByVerTek, LLC.
ByVerTek has initiated a rebranding effort this new partnership and determined focus to become a market leader, so in the interim the company’s subsidiaries will continue operating under the names VerTek LLC (legally known as ByVerTek, LLC) and Smart Homes by VerTek, LLC (legally known as IoT ByVerTek, LLC).
About ByVerTek Enterprises, LLC
ByVerTek Enterprises, LLC and its subsidiaries, ByVerTek, LLC (d/b/a VerTek) and IoT ByVerTek, LLC (d/b/a Smart Homes by VerTek, LLC) support large MSOs and telcos, overbuilders, municipal power companies and other clients who build, upgrade and maintain the physical infrastructure that delivers high-speed internet, video, voice and wireless services. It manages and performs projects related to the aerial underground construction and engineering functions that carry these services, from residential and commercial builds to state-wide fiber network expansions. (For more information, please visit vertekllc.com.)
About Diversity Capital Company, LLC
Diversity Capital was founded to provide critical financial and technical resources to assist in the rebuilding of the minority business community. The company has built a network of partners that includes highly successful diverse businesses, technology innovators, major corporations, and financial institutions that share its goals in order to help diverse companies obtain needed capital and advice easier and on better terms than has traditionally been the case to assure the survival, stability and success of the diverse business community. (For more information, please visit diversitycapco.com.)
For more information, please contact:
Mason W. Wiley