Surf Internet lands funding to support Great Lakes Region expansion

Feb. 13, 2023
The money will go toward further fiber network expansion in its home territory of the U.S. Great Lakes region.

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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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.

You can connect with Stephen on LinkedIn as well as Twitter.

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