Surf Broadband Solutions, which provides predominantly fiber-based broadband services in the Great Lakes region of the U.S., says it has agreed to enable Bain Capital Credit, LP, to acquire a majority stake in the company for an undisclosed sum. and is committing significant growth capital to accelerate its fiber optic network expansion. Post Road Group, Surf’s current majority shareholder, will remain an investor. Surf Broadband’s leadership team, many of whom also are significant investors, will remain in place.
The deal is expected to close during the third quarter of this year, subject to customary closing conditions, including the requisite regulatory approvals.
Surf Broadband serves residents, businesses, educational institutions, and municipalities across Indiana, Illinois, and Michigan. The company works closely with local schools and economic development offices to ensure the community’s broadband needs are being met. The achievement of such goals will become easier with the financial backing of Bain Capital Credit and Post Road Group, which Surf Broadband says will enable an acceleration of fiber-to-the-premises (FTTP) services roll out to underserved areas across the Great Lakes region.
“We are excited to embark on our next phase of expansion with experienced investment partners who share our vision for building Surf Broadband into a leading FTTP provider with a state-of-the-art network, differentiated customer service, and an unmatched local presence,” commented Gene Crusie, CEO of Surf Broadband. “COVID-19 has confirmed what many of us have known for years – high-speed broadband is the lifeblood of local communities across the country and an important driver of economic growth. Partnering with Bain Capital Credit and Post Road Group will allow us to invest in our fiber-optic network to bring broadband technology to as many underserved communities as possible.”
“Surf Broadband is at a key inflection point in its evolution and we look forward to partnering with Gene and his talented team to further enhance the company’s strategic capabilities. Surf is well-positioned to further capitalize on attractive growth opportunities while strengthening its commitment to bridging the digital divide across the Midwest,” added Anthony Sorrentino, a vice president at Bain Capital Credit.
“We are excited to again partner with Gene and the Surf team to deliver best-in-class broadband to customers across the region,” said Andy Runk, managing director at Post Road Group. “Bain Capital Credit’s involvement will be transformative to Surf’s rapid acceleration of fiber deployment that will benefit communities across the region.”
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