What do you do after you found Level(3) and ICG - and a bunch of VC's give you $225M? You start a new metro fiber company - called Zayo - by buying other fiber networks.
"Zayo has acquired PPL Telcom, a 4,600 fiber-route-mile network based in Allentown, Penn. serving areas throughout the Northeast, and Memphis Networx, a 200 fiber-route-mile network serving the greater Memphis, Tenn. area." [source] "Additionally, Zayo had previously reported that it has agreed to purchase Indiana Fiber Works of Indianapolis and Onvoy Inc. of Minneapolis." [source] "Both companies were acquired under Zayo Bandwidth’s holding company name, Communications Infrastructure Investments (CII). In addition, Zayo Bandwidth has signed definitive agreements to acquire Indianapolis, Ind.-based Indiana Fiber Works (IFW) and Minneapolis, Minn.-based Onvoy, Inc. which are expected to be finalized in the third and fourth quarters of 2007, respectively."[source]
When all is said and done at the end of 4Q07, the company will have $125M in revenue, 8,400 route miles of fiber, and reach 830 buildings.
Best part of Light Reading article: "Founders Dan Caruso and John Scarano met at carrier MFS, which was later acquired by WorldCom (R.I.P.). Most notable is their involvement at Level 3, where Dan was a founding executive. Dan and John left Level 3 to take over ICG Communications, which they took private in 2004 and sold to – wait for it! – Level 3."