News & Insights

Pilot Fiber Founder and CEO, Joseph Fasone, will continue to lead and operate the business, reinforcing long-term alignment with customers, employees, and investors.

Fengate Asset Management ("Fengate"), through Fengate Infrastructure Fund V ("FIF V") and its affiliated entities, today announced that it has entered into agreements to make an investment in Pilot Fiber ("Pilot"), an enterprise connectivity provider in the New York metro area, and to fund Pilot's acquisition of the New York and New Jersey fiber network of Boldyn Networks ("Boldyn"). The transactions, expected to close in 2027, are subject to customary closing conditions and regulatory approvals.

Fengate’s investment provides Pilot with over $330 million in new financing for the transaction, including Pilot's acquisition of the Boldyn network and funding for Pilot's continued growth. Pilot's founder and CEO, Joseph Fasone, will continue to lead and operate the company.

"The greater New York City market is one of the most important business markets in the world, and this investment creates a premier fiber platform with the assets, talent, and operating model to capitalize on growing demand," said Warren Roll, Managing Director, Head of Digital Infrastructure at Fengate. "Pilot has built a leading enterprise fiber business, while Boldyn has assembled a high-quality fiber network that is difficult to replicate. Together, they create a compelling platform for growth. We are excited to partner with Joe and his team as they continue to expand and serve customers across the market."

Upon closing, Pilot’s owned footprint will include more than 1,600 route miles of fiber, connecting more than 1,200 buildings and 50 data centers across the New York metro area. The Boldyn business adds more than 860 route miles of fiber across New Jersey commercial corridors, along with expanded on-net reach into Brooklyn, Queens, the Bronx and Staten Island. Together with Pilot’s recent acquisition of Extenet Systems’ enterprise fiber business, the transaction is expected to increase network diversity for enterprise, carrier and wholesale customers.

"Pilot customers choose us because we own the network and move fast, and that will not change," said Joseph Fasone, Founder and CEO of Pilot. "Fengate’s investment and Boldyn's fiber give us the capital and footprint to extend that experience to more businesses across New York’s five boroughs and New Jersey. Fengate understands both fiber infrastructure and the New York metro market. We’re excited to partner with them and build on the strong foundation we’ve established.

Financial terms were not disclosed. Guggenheim Securities, LLC acted as financial advisor to Fengate; Simpson Thacher & Bartlett LLP as legal counsel; Leo Berwick as tax and financial due diligence advisor. Goodwin Procter acted as legal counsel to Pilot.

This release contains forward-looking statements, including statements about the expected timing and benefits of the transactions. Completion is subject to closing conditions, including required regulatory approvals.