Florida-based fiber-optics telecom provider Summit Broadband announced the successful closing of an incremental $100 million debt facility and term expansion, with Brookfield Asset Management. The company – backed by financial sponsor Grain Management – noted that it is committed to enhancing service for existing customers while expanding its residential and commercial fiber network footprint, solidifying its position as 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, the 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.”
“We are pleased to continue our partnership with Summit Broadband by increasing our existing debt facility,” said Brookfield infrastructure debt business deputy CIO, Eric Wittleder, “which will enable the company to further build upon and expand its impressive fiber network footprint.”
