On June 30, 2022, a consortium led by funds managed by Morrison & Co, including Australian Retirement Trust (ART) and a client of UBS Asset Management, signed an agreement to acquire FiberLight, LLC from Thermo Companies. FiberLight, based in Atlanta, Georgia, is a leading U.S. fiber infrastructure provider with about 18,000 route miles, servicing over 30 metropolitan areas, primarily in Texas and Northern Virginia.

The investment aimed to accelerate FiberLight’s network expansion to capitalize on the growing fiber infrastructure market. CEO Christopher Rabii and his team continued to lead the business, emphasizing Morrison & Co’s support for FiberLight’s growth strategy.

This acquisition marked Morrison & Co’s first investment in North America's digital infrastructure market. Chief Investment Officer William Smales and North America Head Perry Offutt highlighted their expertise in digital infrastructure. ART’s Michael Weaver emphasized the importance of high-speed connections.

Thermo Fisher Scientific, the parent company of Thermo Companies, has a significant presence in Canada, operating offices, distribution centers, and manufacturing sites. They provide a range of services and products through brands like Thermo Scientific, Applied Biosystems, and Fisher Scientific, employing thousands across Canada.

The acquisition was expected to close following customary conditions and regulatory approvals. Bank Street was the exclusive financial advisor and Taft served as legal counsel to FiberLight, while TD Securities and Torys LLC advised Morrison & Co.