Summit Broadband Secures Additional $100 Million for Florida Expansion

Rhea-AI Summary

Summit Broadband has secured an additional $100 million debt facility and term expansion from Brookfield Asset Management to accelerate its Florida expansion. The company, backed by Grain Management, operates a 5,000 route-mile fiber network and aims to enhance services for existing customers while expanding its residential and commercial fiber network footprint.

Under CEO Kurt Van Wagenen's leadership since 2023, Summit Broadband has invested in expanding its leadership team, upgrading its network infrastructure, enhancing customer experience, and launching new products, while improving profitability and growing revenue. The new funding will support growth in both established residential and expanding commercial segments.

Positive

• Secured $100 million additional debt facility for expansion
• Growing topline revenue and improving profitability
• Successfully operating 5,000 route-mile fiber network
• Expansion in both residential and commercial segments

Negative

• Increasing debt obligations through new facility

ORLANDO, Fla., Dec. 17, 2024 /PRNewswire/ -- Summit Broadband, a leading fiber-optics telecommunications provider in Florida, announced the successful closing of an incremental $100 million debt facility and term expansion with Brookfield Asset Management ("Brookfield").

Backed by financial sponsor Grain Management ("Grain"), the company is committed to enhancing service for existing customers while expanding its residential and commercial fiber network footprint, further solidifying its position as a leading provider of high-performance connectivity solutions in Florida.

Grain hired industry veteran Kurt Van Wagenen as CEO in 2023. Under Kurt's leadership, Summit Broadband has made significant investments to expand its leadership team, upgrade its 5,000 route-mile fiber network, enhance the customer experience, and roll out state-of-the-art new products. All of this has been done while improving profitability and growing topline revenue. The additional funding will allow the Company to accelerate growth in both Summit Broadband's established residential segment as well as its expanding commercial segment.

"We are thrilled to partner with Brookfield in this exciting new chapter for Summit Broadband," said Kurt Van Wagenen, CEO of Summit Broadband. "This investment will allow us to further expand our advanced fiber-optic network, providing faster, more reliable Internet bandwidth and related services to residential customers across the state. We're committed to empowering our customers with the essential connectivity services needed to drive innovation in the digital age."

Eric Wittleder, Deputy CIO of Brookfield's Infrastructure Debt business, said "We are pleased to continue our partnership with Summit Broadband by increasing our existing debt facility, which will enable the company to further build upon and expand its impressive fiber network footprint."

About Summit Broadband
Summit Broadband provides high-speed internet, voice and video services to residential and commercial customers, as well as ethernet and dark-fiber transport to enterprise, carrier, and wholesale customers. Providing a superior customer experience since 1994, Summit Broadband operates its own fiber-optic networks, with a reach of approximately 5,000 route miles, serving multiple industries and communities.

About Grain Management
Founded in 2007, Grain Management is a leading, global investment firm. We believe broadband and digital infrastructure are foundational to the tech-enabled transformation occurring across all industries and facets of society. Our global team of seasoned and diverse professionals share a collective passion for the power of connectivity to strengthen communities and unlock human potential for all.

We specialize in digital infrastructure and are a trusted solutions provider to the broadband and communications industry. Our unique combination of sector knowledge, experience as operators, and disciplined analytical approach guide our differentiated investment strategy across fiber networks, data centers, wireless spectrum, cell towers, as well as managed and infrastructure services.

About Brookfield Asset Management
Brookfield Asset Management Ltd. (NYSE: BAM, TSX: BAM) is a leading global alternative asset manager with over $1 trillion of assets under management across renewable power and transition, infrastructure, private equity, real estate, and credit. We invest client capital for the long-term with a focus on real assets and essential service businesses that form the backbone of the global economy. We offer a range of alternative investment products to investors around the world — including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors. We draw on Brookfield's heritage as an owner and operator to invest for value and generate strong returns for our clients, across economic cycles.

Media Contact: Jessica Shein of BoardroomPR, jshein@boardroompr.com; (954)817-9389.

View original content:https://www.prnewswire.com/news-releases/summit-broadband-secures-additional-100-million-for-florida-expansion-302333889.html

SOURCE Grain Management, LLC

FAQ

How much additional funding did Summit Broadband secure from Brookfield in December 2024?

Summit Broadband secured an additional $100 million debt facility and term expansion from Brookfield Asset Management in December 2024.

What is the current size of Summit Broadband's fiber network in Florida?

Summit Broadband operates a 5,000 route-mile fiber network in Florida.

When did Kurt Van Wagenen join Summit Broadband as CEO?

Kurt Van Wagenen joined Summit Broadband as CEO in 2023.

What are the main areas of expansion for Summit Broadband with the new funding?

The new funding will accelerate growth in both Summit Broadband's established residential segment and expanding commercial segment in Florida.

What improvements has Summit Broadband made under the new CEO's leadership?

Under Van Wagenen's leadership, the company has expanded its leadership team, upgraded its fiber network, enhanced customer experience, launched new products, improved profitability, and grown topline revenue.