Fiber-optic network business service provider Everstream says it has agreed to buy Rocket Fiber LLC, a Detroit fiber to the premises (FTTP) services provider. Terms of the deal were not disclosed.
Rocket Fiber, a Quicken Loans company, entered the market in 2014 with the promise of 10-Gbps residential services and 100-Gbps business offerings via an FTTP infrastructure (see “Rocket Fiber to bring 10-Gbps FTTP to Detroit”). The company subsequently contracted with ADTRAN for the supply of 10G-PON gear (see “Rocket Fiber using ADTRAN for 10-Gbps FTTP services”). Its network connects such local landmarks as Ford Field, Greektown Casino-Hotel, the QLine, and the TCF Center (formerly COBO).
“This acquisition marks the final stage of Rocket Fiber’s evolution,” said Marc Hudson, CEO and co-founder (along with CTO Randy Foster and COO Edi Demaj) of Rocket Fiber. “What began six years ago as a moonshot idea to leapfrog Detroit’s technology infrastructure has come full circle as we’ve matured into a rapidly growing and profitable business. By joining Everstream, our customers have access to the same incredible client service along with the added benefit of Everstream’s much larger Midwest footprint.”
Everstream says that Rocket’s 41 route miles of fiber will be directly connected to Everstream’s existing Michigan infrastructure, giving the company a presence in all of the state’s major markets that complement its footprint elsewhere in the U.S. Midwest. The company has announced a $250 million initiative to build new fiber infrastructure across the Midwest (see “Everstream announces new market targets, closes LightBound acquisition”). This acquisition is in addition to that effort.
“Detroit has undergone extraordinary growth in the last five years, making the acquisition of Rocket Fiber and its strong presence in Detroit the perfect complement to our existing Michigan network,” said Everstream President and CEO Brett Lindsey. “We’ve had a longstanding relationship with Dan Gilbert and the Rock Family of Companies, including Rocket Fiber, Rock Ventures, and the Cleveland Cavaliers. This opportunity allows us to continue to provide Detroit-area businesses with the high-capacity, low-latency connectivity services they’ve come to expect from their fiber network provider and expands their direct access across the Midwest through the growing Everstream network.”
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