News
A leading fiber-to-the-home provider in the San Francisco area has secured half a billion dollars in capital to accelerate their fiber expansion in California.
By: Brad Randall, Broadband Communities
Race Communications has secured more than $500 million in capital to accelerate their deployment of fiber-optic networks throughout California.
The funding, announced by Race Communications Sept. 9, included equity sources like Oak Hill Capital, their limited partners, and AB Private Credit Investors.
Raul Alcaraz, the CEO of Race Communications, discussed the importance of the funding in comments included with the company’s recent announcement.
“California presents a tremendous opportunity for fiber deployment, and this new funding allows us to ramp up our construction efforts across the state,” Alcaraz said. “We are thrilled to have the continued support of Oak Hill Capital and to welcome our new partners as we work together to bring world-class internet service to an even larger number of residents and businesses throughout the state.”
The majority of capital raised – to the tune of $375 million – came from Oak Hill Capital and their partners, according to Race’s announcement.
Oak Hill, which considers itself a leading investor in the fiber broadband sector, has a fiber portfolio that includes investments across 31 states.
“Race Communications has a strong track record of success in delivering high-quality fiber-optic services to communities across California,” said Scott Baker, a managing partner at Oak Hill Capital. “We are excited to deepen our commitment to Race to further enhance Race’s ability to meet the growing demand for high-speed internet in our home state of California.”
With the announcement, Race also revealed the addition of two independent names to their board of directors: Jim Gleason, the CEO of Vexus Fiber, and Harold Zeitz, the CEO of Ziply Fiber.
“Mr. Gleason and Mr. Zeitz have both led the expansion of their companies’ FTTH networks to underserved markets in their respective regions and we believe are well-positioned to support Race’s accelerated growth in California as board members,” the company’s announcement stated.
To get content like this delivered to your inbox, subscribe to the Broadband Communities newsletter.
