Elkhart-based Surf Internet made significant strides toward meeting its goal of 275,000 potential fiber connections by 2025 with new equity funding of $175 million and debt limits increased to $300 million.
Macquarie Capital led the equity investment, along with current investors Bain Capital and Post Road Group.
“Surf Internet has an impressive track record in deploying and commercializing fiber infrastructure and has a clear path for future growth,” said Sam Southall, managing director at Macquarie Capital, in a press release. “This investment reflects our confidence in its leadership, strateg, and ability to scale in a rapidly evolving industry.”
DigitalBridge Credit led the increase in debt facility with commitments from global investment group CDPQ, Boundary Street Capital and Liberty Mutual Investments. The previous level was $200 million.
“This combined financing strengthens our ability to scale while maintaining long-term financial sustainability,” said Ryan Delack, CFO of Surf Internet. “With the backing of Macquarie Capital and continued support from our existing investors, we are well-positioned to accelerate fiber deployment and bring reliable, high-speed internet to more communities.”
The equity transaction closed on Feb. 13, while the debt transaction on Feb. 3.
Surf Internet, a fiber-optic internet company that serves customers in Illinois, Indiana and Michigan, is celebrating its 25th year of business. It employs more than 300 people in the Great Lakes region. It has offices in Elkhart and La Porte, along with several in Illinois and Michigan.
