Summit Broadband Secures Additional $100 Million for Florida Expansion
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.
Summit Broadband ha ottenuto un ulteriore prestito di 100 milioni di dollari e un'espansione dei termini da Brookfield Asset Management per accelerare la sua espansione in Florida. L'azienda, sostenuta da Grain Management, gestisce una rete in fibra ottica di 5.000 miglia di percorso e mira a migliorare i servizi per i clienti esistenti mentre espande la sua rete in fibra ottica residenziale e commerciale.
Sotto la guida del CEO Kurt Van Wagenen, che è in carica dal 2023, Summit Broadband ha investito nell'espansione del proprio team di leadership, nell'upgrade delle infrastrutture di rete, nel miglioramento dell'esperienza del cliente e nel lancio di nuovi prodotti, mentre migliora la redditività e cresce i ricavi. Il nuovo finanziamento sosterrà la crescita sia nei segmenti residenziali consolidati che in quelli commerciali in espansione.
Summit Broadband ha conseguido un nuevo préstamo de 100 millones de dólares y una expansión de los términos de Brookfield Asset Management para acelerar su expansión en Florida. La empresa, respaldada por Grain Management, opera una red de fibra óptica de 5,000 millas de ruta y tiene como objetivo mejorar los servicios para los clientes existentes mientras expande su huella de red de fibra residencial y comercial.
Desde la llegada del CEO Kurt Van Wagenen en 2023, Summit Broadband ha invertido en la expansión de su equipo directivo, en la modernización de su infraestructura de red, en la mejora de la experiencia del cliente y en el lanzamiento de nuevos productos, al tiempo que mejora la rentabilidad y aumenta los ingresos. La nueva financiación apoyará el crecimiento tanto en los segmentos residenciales establecidos como en los comerciales en expansión.
Summit Broadband는 플로리다 확장을 가속화하기 위해 Brookfield Asset Management로부터 추가 1억 달러 대출 시설과 기간 연장을 확보했습니다. Grain Management의 지원을 받는 이 회사는 5,000마일의 루트 섬유 네트워크를 운영하며, 기존 고객을 위한 서비스 향상과 주거 및 상업 섬유 네트워크의 확장을 목표로 하고 있습니다.
2023년부터 CEO Kurt Van Wagenen의 지도 아래, Summit Broadband는 리더십 팀 확장, 네트워크 인프라 업그레이드, 고객 경험 향상 및 새로운 제품 출시를 위한 투자와 함께 수익성 향상 및 수익 증가를 이루었습니다. 새로운 자금 지원은 정착된 주거 부문과 확장 중인 상업 부문 모두에서의 성장을 지원할 것입니다.
Summit Broadband a sécurisé un prêt supplémentaire de 100 millions de dollars et une extension de termes de Brookfield Asset Management pour accélérer son expansion en Floride. L'entreprise, soutenue par Grain Management, exploite un réseau de fibre optique de 5 000 miles de long et vise à améliorer les services pour ses clients existants tout en élargissant son empreinte de réseau de fibre optique résidentielle et commerciale.
Depuis l'arrivée du PDG Kurt Van Wagenen en 2023, Summit Broadband a investi dans l'expansion de son équipe dirigeante, la modernisation de son infrastructure réseau, l'amélioration de l'expérience client et le lancement de nouveaux produits, tout en augmentant sa rentabilité et en faisant croître ses revenus. Le nouveau financement soutiendra la croissance dans les segments résidentiels établis et les segments commerciaux en expansion.
Summit Broadband hat sich eine weitere 100 Millionen Dollar Schuldenfinanzierung und eine Fristenerweiterung von Brookfield Asset Management gesichert, um die Expansion in Florida voranzutreiben. Das Unternehmen, das von Grain Management unterstützt wird, betreibt ein 5.000 Meilen umfassendes Glasfasernetz und zielt darauf ab, die Dienstleistungen für bestehende Kunden zu verbessern und gleichzeitig seine Reichweite im Bereich der Wohn- und Geschäftsglasfaser zu erweitern.
Unter der Leitung von CEO Kurt Van Wagenen, der seit 2023 im Amt ist, hat Summit Broadband in die Erweiterung seines Führungsteams, die Modernisierung seiner Netzwerkinfrastruktur, die Verbesserung der Kundenerfahrung und die Einführung neuer Produkte investiert, während gleichzeitig die Rentabilität gesteigert und die Einnahmen gewachsen sind. Die neue Finanzierung wird das Wachstum sowohl im etablierten Wohnsektor als auch im expandierenden Geschäftsfeld unterstützen.
- 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
- Increasing debt obligations through new facility
Insights
The
The company's improved profitability and revenue growth under new leadership, combined with strategic investments in network infrastructure and product development, indicate a well-executed turnaround strategy. The focus on both residential and commercial segments provides revenue diversification and positions Summit to capture high-margin enterprise customers while maintaining stable residential recurring revenue.
Summit's 5,000 route-mile fiber network expansion strategy aligns with the growing demand for high-speed connectivity in Florida's rapidly developing markets. The infrastructure debt financing structure is particularly advantageous in the current market environment, offering lower cost of capital compared to equity financing while allowing operational flexibility. The involvement of both Grain Management and Brookfield provides strong institutional backing and expertise in scaling infrastructure assets.
The focus on network upgrades and expansion demonstrates a forward-looking approach to capture market share in Florida's competitive broadband landscape. This strategic investment positions Summit to benefit from the increasing demand for high-bandwidth services and digital transformation initiatives across both residential and commercial sectors.
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
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
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SOURCE Grain Management, LLC
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