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 猫 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 redditivit脿 e cresce i ricavi. Il nuovo finanziamento sosterr脿 la crescita sia nei segmenti residenziali consolidati che in quelli commerciali in espansione.
Summit Broadband ha conseguido un nuevo pr茅stamo de 100 millones de d贸lares y una expansi贸n de los t茅rminos de Brookfield Asset Management para acelerar su expansi贸n en Florida. La empresa, respaldada por Grain Management, opera una red de fibra 贸ptica 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 expansi贸n de su equipo directivo, en la modernizaci贸n 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 financiaci贸n apoyar谩 el crecimiento tanto en los segmentos residenciales establecidos como en los comerciales en expansi贸n.
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2023雲勲秬韯� CEO Kurt Van Wagenen鞚� 歆�霃� 鞎勲灅, Summit Broadband電� 毽崝鞁� 韺� 頇曥灔, 雱ろ姼鞗岉伂 鞚疙攧霛� 鞐呹犯霠堨澊霌�, 瓿犼皾 瓴巾棙 頄レ儊 氚� 靸堧鞖� 鞝滍拡 於滌嫓毳� 鞙勴暅 韴瀽鞕� 頃粯 靾橃澋靹� 頄レ儊 氚� 靾橃澋 歃濌皜毳� 鞚措（鞐堨姷雼堧嫟. 靸堧鞖� 鞛愱笀 歆�鞗愳潃 鞝曥癌霅� 欤缄卑 攵�氍戈臣 頇曥灔 欷戩澑 靸侅梾 攵�氍� 氇憪鞐愳劀鞚� 靹膘灔鞚� 歆�鞗愴暊 瓴冹瀰雼堧嫟.
Summit Broadband a s茅curis茅 un pr锚t suppl茅mentaire de 100 millions de dollars et une extension de termes de Brookfield Asset Management pour acc茅l茅rer son expansion en Floride. L'entreprise, soutenue par Grain Management, exploite un r茅seau de fibre optique de 5 000 miles de long et vise 脿 am茅liorer les services pour ses clients existants tout en 茅largissant son empreinte de r茅seau de fibre optique r茅sidentielle et commerciale.
Depuis l'arriv茅e du PDG Kurt Van Wagenen en 2023, Summit Broadband a investi dans l'expansion de son 茅quipe dirigeante, la modernisation de son infrastructure r茅seau, l'am茅lioration de l'exp茅rience client et le lancement de nouveaux produits, tout en augmentant sa rentabilit茅 et en faisant cro卯tre ses revenus. Le nouveau financement soutiendra la croissance dans les segments r茅sidentiels 茅tablis 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 unterst眉tzt wird, betreibt ein 5.000 Meilen umfassendes Glasfasernetz und zielt darauf ab, die Dienstleistungen f眉r bestehende Kunden zu verbessern und gleichzeitig seine Reichweite im Bereich der Wohn- und Gesch盲ftsglasfaser zu erweitern.
Unter der Leitung von CEO Kurt Van Wagenen, der seit 2023 im Amt ist, hat Summit Broadband in die Erweiterung seines F眉hrungsteams, die Modernisierung seiner Netzwerkinfrastruktur, die Verbesserung der Kundenerfahrung und die Einf眉hrung neuer Produkte investiert, w盲hrend gleichzeitig die Rentabilit盲t gesteigert und die Einnahmen gewachsen sind. Die neue Finanzierung wird das Wachstum sowohl im etablierten Wohnsektor als auch im expandierenden Gesch盲ftsfeld unterst眉tzen.
- 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聽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
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
Media Contact:聽Jessica Shein of BoardroomPR, jshein@boardroompr.com; (954)817-9389.
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SOURCE Grain Management, LLC
FAQ
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