News

A telecommunications provider based in Florida has secured a sizable investment from a global asset manager.

By: Brad Randall, Broadband Communities

Summit Broadband, a fiber-optic network operator in Florida, has closed on a $100 million debt facility and term expansion with Brookfield Asset Management.

The internet service provider (ISP), which is backed financially by Grain Management, a sponsor, announced the news Tuesday.

“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,” said Kurt Van Wagenen, Summit Broadband’s CEO.

Van Wagenen called the development a new chapter for Summit in comments included with Summit Broadband’s announcement.

“We’re committed to empowering our customers with the essential connectivity services needed to drive innovation in the digital age,” Van Wagenen said.

Van Wagenen was brought on as Summit Broadband’s CEO in 2023, after being hired by Grain Management.

“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,” Summit Broadband’s release stated.

The $100 million debt facility and term expansion with Brookfield Asset Management is incremental, according to Summit Broadband’s announcement.

Eric Wittleder, the deputy CIO of Brookfield’s infrastructure debt business, said Brookfield is happy to continue their partnership with Summit Broadband.

Wittleder said the investment “will enable the company to further build upon and expand its impressive fiber network footprint,” according to the Dec. 17 release.

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