Grain Management, a Washington, DC-based private equity firm, has entered into a definitive agreement to acquire a majority interest in Summit Broadband, a fiber-optics telecommunications provider in Florida. Summit is currently owned by Cable Bahamas (CBL Group).
"Summit has an impressive history of serving businesses across multiple industries and residential customers in central and southwest Florida communities," said David Grain, founder and CEO of Grain Management. "As a global investor in the industry, Grain is poised to partner with Summit in advancing its position as a leading fiber-optic telecommunications provider and aid in the expansion of these services in an increasingly smart and connected world."
President and CEO of CBL Group, Franklyn Butler, said: "CBL Group has undergone tremendous growth over the last six years, and the performance of Summit has proved significant in contributing to these results. I wish to personally thank the management and staff at Summit for their contribution to CBL Group performance over the years and wish them well in this next exciting phase of their growth."
The transaction is expected to close in the fourth quarter of 2019 and is subject to the usual closing conditions and regulatory approvals.
Summit Broadband operates in central and southwest Florida. The company provides voice, video, data and high-speed Internet services to residential and commercial customers, as well as Ethernet and dark-fiber transport to enterprise and carrier customers. Summit owns and operates its own fiber-optic networks, with a reach of more than 1,800 fiber route miles.
Grain Management announced its acquisition of a majority stake in Arkansas-based Ritter Communications last week.
