Surf Broadband Solutions to be Acquired
Elkhart-based Surf Broadband Solutions is being acquired by Massachusetts-based Bain Capital Credit LP. Although financial terms of the deal were not disclosed, Bain says it is committing “significant growth capital” to accelerate the fiber optic network’s expansion.
Bain says the company will continue to operate under its current leadership team.
“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,” said Gene Crusie, chief executive officer 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 provides broadband to residential subscribers, businesses, educational institutions, and municipalities across Indiana, Illinois, and Michigan.
“The transition to remote work and e-learning has served to underscore that fast and reliable internet service is no longer a luxury but a necessity,” said Brian Hirschfeld, managing director at Bain Capital Credit. “We believe the demand for broadband connectivity and data consumption will only continue to increase in the years ahead.”
The transaction is expected to be complete during the third quarter.