Fiber-to-the-home provider Greenlight Networks could make additional acquisitions to increase its regional scale in the Northeast, said founder and CEO Mark Murphy.

The Oak Hill Capital-backed company, which operates in New York, Pennsylvania, and Baltimore, would consider targets in that footprint or reasonably adjacent to it as a contiguous presence helps drive operational margins, Murphy said on the sidelines of Metro Connect.

Greenlight is engaged in acquisition conversations “all the time,” but it doesn’t need to acquire to grow given significant white space in the region, he said.

It is likely to target companies with less than 100,000 home passings rather than looking to acquire a company its size or larger, Murphy said. Greenlight ended last year with just under 350,000 homes passed.

The company anticipates building 120,000 home passings this year and should end 2026 around 500,000 home passings, including assets from a pending acquisition, he said.

Greenlight has made two acquisitions since Oak Hill’s majority investment in March 2022 of up to USD 300m. It acquired Loop Internet in a transaction that closed in October 2025 and announced last year the purchase of FastBridge Fiber in a transaction it expects to close in June.

Its acquisitions have largely been stock transactions as it’s made the most sense for targets to continue to grow with the combined company, Murphy said, noting it’s not precluded from executing a cash deal. Greenlight has capital on hand for construction when entering a new market but could decide to repurpose that cash to do an acquisition, he said.

Greenlight and Oak Hill see inbound approaches from companies interested in being acquired, according to the CEO, who declined to comment on financials.

Murphy said that Greenlight has benefited from sharing best practices with Oak Hill’s other fiber assets. Among the firm’s other active investments is Rochester, New York-based GoNetSpeed, which services most of the Northeast as well as Alabama and Missouri.

Asked if Oak Hill could combine Greenlight with another of its portfolio companies, he said doing so is “always an option for them” but that he couldn’t comment on what Oak Hill may do.

“Obviously size matters,” he said, pointing to “that magic number of one million passings.” Oak Hill has well over one million passings in the Northeast between Greenlight and other portfolio companies, Murphy added.

Timing also matters, as do complexities like which funds the investments are from and who the limited partners are, he said.

“What we spend the most time on is talking about what’s going to drive enterprise value,” he said.

Cable companies still own the markets that Greenlight is trying to win, Murphy said, noting it mostly competes with Charter’s Spectrum brand and Comcast.

Murphy founded Greenlight in 2011. Following the FastBridge acquisition, the combined company will have 300-400 employees.

Greenlight uses a variety of legal advisors, including Paul Weiss, Davis Wright, Morgan Lewis, and Hodgson Russ. It also uses financial advisors KPMG, RSM, AllianceBernstein, Neuberger Berman, PwC, and AT Kearney.