Beanfield Metroconnect adds CAN$255 million, acquires Aptum Tech metro network
Beanfield Metroconnect, a Canadian independent telecommunications infrastructure provider, has added to its bank account and its fiber network footprint. According to owners Digital Colony, the global digital infrastructure investment platform of Colony Capital, Inc. (NYSE: CLNY), Beanfield has successfully completed a strategic recapitalization that has netted the company CAN$255 million ($182 million) of financing. In connection with the deal, Beanfield also has acquired the metro network of Aptum Technologies, a global hybrid cloud and managed services provider.
The financing includes a first lien term loan and a revolving credit facility. TD Securities served as joint lead arranger, joint bookrunner, and administrative agent. RBC Capital Markets and SunTrust Robinson Humphrey served as joint lead arranger and joint bookrunner.
The Aptum metro network acquisition expands Beanfield’s reach in Toronto. It follows the acquisition of regional telecom fiber services provider OpenFace Inc. in Montreal (see "Beanfield Technologies enters Montreal via Openface acquisition"). The acquisitions and other activities have expanded Beanfield’s fiber assets in the two cities by 10X since Digital Colony first invested in Beanfield last October. The company now operates more than 4,000 route miles of fiber across the two markets. The fiber networks reach 3,200 on-net buildings.
Beanfield supplies both residential and business services. Residential services include “fiber-to-the-suite” internet, TV, and phone. Business services include fiber internet, business phone, TV, dark fiber, private line, and colocation.
“In today’s environment, the need for connectivity has only grown as networks experience unprecedented demand,” said Dan Armstrong, CEO of Beanfield Metroconnect. “At Beanfield, we have always invested in building communities – not just networks. We expect our employees, customers and valued partners in Canada’s two largest regions will see numerous benefits from this strategic recapitalization as we expand our offerings and increase our investment in robust fiber networks.”
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About the Author
Stephen Hardy
Editorial Director and Associate Publisher, Lightwave
Stephen Hardy is editorial director and associate publisher of Lightwave and Broadband Technology Report, part of the Lighting & Technology Group at Endeavor Business Media. Stephen is responsible for establishing and executing editorial strategy across the both brands’ websites, email newsletters, events, and other information products. He has covered the fiber-optics space for more than 20 years, and communications and technology for more than 35 years. During his tenure, Lightwave has received awards from Folio: and the American Society of Business Press Editors (ASBPE) for editorial excellence. Prior to joining Lightwave in 1997, Stephen worked for Telecommunications magazine and the Journal of Electronic Defense.
Stephen has moderated panels at numerous events, including the Optica Executive Forum, ECOC, and SCTE Cable-Tec Expo. He also is program director for the Lightwave Innovation Reviews and the Diamond Technology Reviews.
He has written numerous articles in all aspects of optical communications and fiber-optic networks, including fiber to the home (FTTH), PON, optical components, DWDM, fiber cables, packet optical transport, optical transceivers, lasers, fiber optic testing, and more.
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