Surf Internet secures $100M to expand fiber networks
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Elkhart-based Surf Internet on Wednesday announced it has raised $100 million in debt financing from DigitalBridge Credit in Florida. The internet service provider said the funding will be used for continued expansion of its fiber networks in the Great Lakes region.
The company plans to expand into more than 60 markets. Surf said it is on pace to surpass 100,000 fiber passings, or the number of premises capable of being served by the company’s networks, this year and could double that number through 2024.
Surf said the debt raise follows “significant equity investment” from Bain Capital and Post Road Group, which acquired the company in 2021.
“We are thrilled to enter the next phase of expansion with highly experienced digital infrastructure investment partners who share our vision for building Surf into a leading fiber-to-the-premise provider,” Surf Internet CEO Gene Cruise said in a news release.
Surf currently serves more than 27,000 customers across 45 markets in Indiana, Illinois and Michigan. The company rebranded to Surf Internet from Surf Broadband Solutions last July.
The deal with DigitalBridge closed on Feb. 3.