Everstream to Acquire Rocket Fiber, Enter Detroit Market
February 26 2020 - 11:00AM
Business Wire
- Everstream will acquire Rocket Fiber infrastructure, including
its service platform and fiber network.
- The dense network gives Everstream the largest fiber footprint
in greater downtown Detroit.
- Customers will continue to receive fast, reliable and
customer-friendly service as well as expanded capabilities and
coverage from Everstream’s growing Midwest presence.
Everstream, the business-only fiber network, today has announced
a definitive agreement to acquire Rocket Fiber LLC, a fiber-based
network service provider in Detroit. The acquisition completes
Everstream’s coverage in all major Michigan markets and gives
Everstream the largest fiber footprint in greater downtown Detroit.
Terms of the deal were not disclosed.
“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 Midwest
through the growing Everstream network.”
The expansion into Detroit with the Rocket Fiber acquisition
includes:
- 41 route miles of network in greater downtown Detroit.
- Direct connection to Everstream’s existing fiber network
infrastructure in Michigan and its other Midwest markets.
- Two offices in downtown Detroit, including more than 75 team
members.
“This acquisition marks the final stage of Rocket Fiber’s
evolution,” said Marc Hudson, CEO and Co-Founder, 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.”
The acquisition of Rocket Fiber is in addition to the company’s
recently announced $250 million commitment to buildout new fiber
infrastructure across the Midwest in 2020. This year, Everstream
plans to expand into five new markets, hire 100 new employees and
reach its goal of 15,000 route miles of fiber deployed across the
Midwest.
“Everstream looks forward to maintaining Rocket Fiber’s strong
presence in the Detroit market,” Lindsey said. “We’re excited to
build on that success and partner with all new and existing
customers to help them scale.”
Rocket Fiber was founded in 2014 by Hudson, Chief Technology
Officer Randy Foster and Chief Operating Officer Edi Demaj after
the trio recognized the need for a faster, more reliable internet
solution in Detroit. Dan Gilbert, who shared their goal of
providing the community with dependable connectivity, provided
funding for the venture.
Everstream’s enterprise-grade network delivers robust business
fiber services, including dedicated internet access, dark fiber,
Ethernet and data center solutions. The company’s advanced fiber
network offers direct peering with all major carriers and cloud
hyperscalers. With high-speed, low-latency connections, it provides
converged internet, voice and data services at speeds of up to 100
Gbps.
To learn more and view Everstream’s network and expansion
efforts, visit everstream.net/network-expansion.
Bank Street Group served as exclusive financial advisor and
Bodman PLC served as legal counsel to Rocket Fiber in connection
with this transaction. MVP Capital Advisors served as exclusive
financial advisor and Thompson Hine LLP served as legal counsel to
Everstream.
About Everstream®
Everstream has raised the bar for business connectivity,
delivering a business-only fiber network with the speed,
reliability, scale and performance that today’s enterprises demand.
With more than 13,000 route miles of fiber and speeds up to 100
Gbps, Everstream’s enterprise-grade network delivers robust
business fiber services, including dedicated internet access, dark
fiber, Ethernet and data center solutions. Through its “Do What You
Say You Will Do” approach, Everstream is a valued partner dedicated
to the success of business customers. For more information, visit
everstream.net.
About Rocket Fiber
Rocket Fiber is a Michigan-based company that delivers
multi-gigabit internet and connectivity solutions for businesses
and residences. The company’s core mission is to transform the way
clients create, collaborate and communicate. Rocket Fiber’s
portfolio of services includes managed network services, data and
cloud, voice and dedicated internet, all of which are backed by
award winning, white-glove client service and a state-of-the-art
24/7/365 Network Operations Center.
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Everstream Contact: Suzanne Scarpino
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