1248 Holdings Acquires Generate Capital’s Ubiquity Ownership Interests

By Grace Kim

1248 Holdings and certain affiliates acquired Generate Capital’s ownership interests in Ubiquity, whose fiber networks serve more than 200,000 addresses in Texas and Nebraska, according to Pulse 2.0.

What changed in the ownership structure?

Pulse 2.0 described 1248 Holdings as a family-owned private investment firm and an original investor and founding partner in Ubiquity. Pulse 2.0 said the acquisition strengthens 1248’s existing investment position and gives Ubiquity additional financial support for long-term expansion.

According to Pulse 2.0, 1248 was already invested before the transaction. The acquisition therefore raises its exposure to an operating fiber platform rather than starting a new relationship.

The ownership change follows Ubiquity’s sale of its California and Arizona network assets earlier in 2026. According to Pulse 2.0, that sale allows Ubiquity to concentrate resources on its remaining geographic markets.

Christian Scharosch, Managing Director at 1248 Holdings, said:

“We have been partners with Ubiquity since the beginning and continue to believe in the core business model and the Ubiquity team. This acquisition will enable us to more materially support Ubiquity’s long-term growth initiatives in Texas and Nebraska.

We are especially excited about the potential within the FiberFirst brand and are confident in its long-term success. Customers, partners and employees can expect day-to-day operations to continue without interruption, with a strong foundation behind it.”

In plain terms, 1248 has deepened its ownership role while giving Ubiquity added financial backing for expansion.

How large is the network and who buys service?

Pulse 2.0 said Ubiquity’s infrastructure is concentrated in what it described as high-growth corridors around Dallas-Fort Worth, Austin and Omaha.

The company’s FiberFirst internet service provider brand launched in 2023. Pulse 2.0 said FiberFirst has attracted tens of thousands of residential, small-business and commercial customers.

Alongside the retail internet operation, Ubiquity provides wholesale network connectivity. According to Pulse 2.0, the wholesale offering serves:

• Internet service providers
• Wireless carriers
• Utilities
• Municipalities
• Multifamily properties
• Educational institutions

FiberFirst covers the retail side, while the wholesale business reaches service providers, carriers, public authorities and institutions. Pulse 2.0 said this structure gives Ubiquity two distinct channels for serving customers with its fiber infrastructure.

In plain terms, Ubiquity runs both a consumer-facing ISP and a wholesale connectivity business.

Who runs Ubiquity after the deal?

Pulse 2.0 reported that Greg Dial, previously Ubiquity’s chief revenue officer, has become chief executive officer of both Ubiquity and FiberFirst.

Greg Dial, CEO of Ubiquity and FiberFirst, said:

“I am thrilled to continue this journey alongside 1248. Our team of seasoned network operators and service provider professionals are poised to continue serving our customers and communities with 100% fiber-driven connectivity.”

Sean Tokic serves as chief financial officer, and Pankaj Gulati serves as chief operating officer, according to Pulse 2.0. Pulse 2.0 also said operations will continue without interruption following the ownership change.

The operating message is continuity: Dial now leads both entities, while Tokic and Gulati oversee finance and operations.

Who advised the transaction?

Pulse 2.0 reported that Bank Street Group served as financial advisor to Ubiquity. Kirkland & Ellis and Cooley provided legal counsel to Ubiquity, Polsinelli advised 1248 Holdings, and Proskauer Rose advised Generate Capital.

The adviser lineup covered all three parties: Ubiquity, 1248 Holdings and Generate Capital.

Where does expansion head next?

Pulse 2.0 said the new ownership structure positions Ubiquity to continue expanding its fiber infrastructure while pursuing growth opportunities in underserved and developing markets.

That focus leaves Texas and Nebraska at the center of 1248’s stated growth plan. Scharosch specifically cited long-term growth initiatives in both states and the potential within the FiberFirst brand.

The next test is whether 1248’s added backing turns into broader fiber coverage and customer growth in underserved and developing Texas and Nebraska markets.