Vero Fiber Announces Strategic Capitalization with Bank Syndicate
Summary
With this strong institutional backing, Vero will further strengthen its fiber-to-the-home (FTTH) and dark fiber network solutions, ensuring sufficient capital for critical market expansions in furtherance of Veros mission to continue to provide digital communications and connectivity services in underserved markets throughout the United States.Vero was established in 2017 by a group of former executives of Zayo Group, LLC, including Matt Erickson, one of Zayos Co-Founders and Chief Operating Officers. This transaction represents Veros first significant credit facility, and supplements previous equity investments made by the management team, as well as Ariet Capital, LLC, the family investment office of Phil Canfield, former managing partner of private equity firm GTCR, LLC. "This strategic recapitalization will enable Vero to accelerate its expansion efforts to support improved internet access and bandwidth in markets and geographies across the United States where no fiber currently exists. ""We are pleased to support Veros growth in building next generation fiber networks" said Jeremy Jones, Head of Loan Syndications at Hancock Whitney. "With the ongoing transformation of the digital landscape, Veros expanding network deployments support the continued evolution of fiber to the home, artificial intelligence, cloud computing, 5G rollouts, enhanced online education, high definition video streaming, social media advancements and edge computing applications.