Surf Internet, a portfolio company of Bain Capital and Post Road Group, announced last week it has raised $100 million of committed debt financing from DigitalBridge Credit, a division of DigitalBridge Group (NYSE:DBRG), to support continued network expansion across the Great Lakes region. The transaction closed on February 3, 2023.
Surf Internet secured the new debt capital to support the company’s mission to transform broadband in the Great Lakes region by expanding its dense fiber networks into more communities. The debt raise comes alongside a significant equity investment from the company’s existing sponsors, Bain Capital and Post Road Group, as well as the management team.
Surf Internet was acquired by Bain Capital and Post Road Group in 2021, to capitalize on attractive growth opportunities in the region while strengthening its commitments to bridge the digital divide across the Midwest. The new funding will support Surf Internet’s plan to expand its network into more than 60 markets while strengthening its multi-gig capabilities. The company said it is on pace to surpass 100,000 fiber passings in 2023, and has a pipeline of build opportunities it projects to roughly double its fiber passings through 2024.
DigitalBridge Group is a global digital infrastructure investment firm with more than 25 years investing in and operating businesses across the digital ecosystem, including cell towers, data centers, fiber, small cells, and edge infrastructure. The DigitalBridge team manages a $48 billion portfolio of digital infrastructure assets on behalf of its limited partners and shareholders. Headquartered in Boca Raton, DigitalBridge has key offices in New York, Los Angeles, London, and Singapore.
Houlihan Lokey was the exclusive financial advisor and placement agent to Surf Internet.
Reader Interactions