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.
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SOURCE Grain Management, LLC