Indiana, USA-based, a leading fiber-optic high-speed internet service provider in the Great Lakes region, Surf Internet secured USD 100 million debt investment. The company received the funding on February 8, 2023. DigitalBridge Credit, a division of DigitalBridge Group, Inc, provided the financing to the company.
Purpose of investment for Surf Internet
The debt investment aligns with the company’s mission to transform broadband in the Great Lakes region by expanding its dense fibre networks into more communities.
The company also has plans to expand its network into more than 60 markets. Meanwhile, it intends to strengthen its multigig capabilities. Surf is on pace to surpass 100,000 fibre passings in 2023. Moreover, the company has a pipeline of attractive build opportunities to double its fibre passings through 2024 roughly.
What the company’s officials have to say
Gene Crusie, CEO of Surf Internet, said, “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 fibre-to-the-premise (FTTP) provider.”
In addition, Ryan Delack, CFO of Surf Internet, said, “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.”
What the investors have to add
Chris Moon, Managing Director at DigitalBridge Credit, further said, “We are excited to partner with Surf Internet, Bain Capital, and Post Road Group in support of the next phase of fibre-to-the-premise buildouts in underserved U.S. markets. DigitalBridge believes that access to high-speed internet service is essential, and, together with our partners, we are dedicated to supporting Surf’s continued expansion.”
Bain Capital and Post Road Group acquired Surf Internet in 2021.
In addition, David Haswell, a Vice President at Bain Capital, said, “As we approach the 100,000 fibre passings milestone, partnering with DigitalBridge Credit will enable Surf to further accelerate its fibre network expansion. It’s 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.”
Besides, Andrew Runk, Managing Director at Post Road Group, said, “This transaction with DigitalBridge Credit continues our multi-year partnership with Surf’s outstanding management team and will catalyze the Company’s next phase of growth as it expands its fibre network to additional underserved communities across the Midwest.”
About the company
Surf Internet is an innovative fibre-optic internet company. It serves as the essential gateway to connectivity across the Great Lakes region of Illinois, Indiana, as well as Michigan. Surf now serves more than 27,000 customers across 45 markets.
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