Secures $100 million Debt Investment to Support Continued Network Expansion Across the Great Lakes Region
Summary
Surf Internet secured the new debt capital to support the Companys mission to transform broadband in the Great Lakes region by expanding its dense fiber networks into more communities. The debt raise comes alongside significant equity investment from the Companys existing sponsors Bain Capital and Post Road Group, and management team.Surf Internet provides predominantly fiber-based, high-speed broadband to residential subscribers, businesses, educational institutions, and municipalities across Indiana, Illinois, and Michigan. Over the last two years, Surf has successfully bolstered its executive leadership team, completed an extensive rebranding, and secured grants with local municipalities to expand broadband access in the Great Lakes region. Its clear that the Surf Internet FTTP solution is resonating deeply with consumers and businesses across the Midwest, and we see significant opportunities for continued, attractive edge-outs in 2023 and beyond, added David Haswell, a Vice President at Bain Capital.This transaction with DigitalBridge Credit continues our multi-year partnership with Surfs outstanding management team and will catalyze the Companys next phase of growth, as it expands its fiber network to additional underserved communities across the Midwest, said Andrew Runk, Managing Director at Post Road Group.The transaction closed on February 3rd, 2023. For more information, visit: www.digitalbridge.com.Bain Capital, LP is one of the worlds leading private multi-asset alternative investment firms that creates lasting impact for our investors, teams, businesses, and the communities in which we live.