Fiber broadband services provider Surf Internet says it has raised $100 million of debt financing from DigitalBridge Credit, a division of DigitalBridge Group, Inc. (NYSE: DBRG). The financing came alongside what Surf Internet termed “significant equity investment” from the company’s existing investors Bain Capital and Post Road Group and the management team. The money will go toward further fiber network expansion in its home territory of the U.S. Great Lakes region.
Bain Capital and Post Road Group acquired Surf Internet in 2021 (see "Bain Capital Credit agrees to acquire majority stake in Surf Broadband Solutions"). The company serves more than 27,000 residential, business, educational institution, and municipality customers across 45 markets in Indiana, Illinois, and Michigan. Residential service tiers peak at up to 10 Gbps.
The new funds will support Surf’s plan to expand its network into over 60 markets. The company says it is on pace to surpass 100,000 fiber passings in 2023, with an eye toward roughly doubling its fiber passings through 2024.
“We are thrilled to enter the next phase of expansion with highly experienced digital infrastructure investment partners who share our vision for building Surf into a leading fiber-to-the-premise (FTTP) provider,” said Gene Crusie, CEO of Surf Internet.
“The addition of DigitalBridge Credit to our capital structure follows the tremendous support over the past several years from our equity partners, Bain Capital and Post Road Group, who remain committed to our growth strategy,” added Ryan Delack, CFO of Surf Internet.
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