Point Broadband, LLC announced today that it has agreed to receive a strategic investment from funds affiliated with GTCR LLC, a leading private equity firm. The financial terms of the transaction were not disclosed.
Founded in 2017, and headquartered in West Point, GA, Point Broadband provides fiber-to-the-premise (FTTP) high-speed data (HSD) services to residential and business customers in select markets east of the Mississippi River.
In addition to operating its existing network, Point is actively expanding its footprint via new FTTP builds in near-adjacent markets. In partnering with GTCR, Point Broadband says it will accelerate its ongoing network expansion in order to provide fiber-based broadband to underserved communities.
"GTCR's strategic investment will help accelerate the deployment of our fiber-based broadband solutions to a range of markets, including small town USA and rural America," said Todd Holt, co-founder and CEO of Point Broadband. Holt added, "GTCR shares our core values of customer service and community engagement and has a proven track record of deploying capital to build state-of-the-art broadband networks. We are excited to welcome GTCR to the Point Broadband family as we enter our next phase of growth."
"The Point management team has built a phenomenal business in a short period of time and we are impressed with the team's execution to date," commented Stephen Jeschke, Managing Director at GTCR. "We are thrilled to partner with an entrepreneurial, yet very experienced and seasoned management team to expand Point's network and bring fiber-based internet access to new communities."
Mark Anderson, Managing Director at GTCR, added, "Point Broadband has a strong focus on best-in-class customer service supported by a localized presence in the communities they serve, and we believe Point is well-positioned to serve the growing demand for broadband services in markets across the nation."
Stifel served as lead financial advisor and Houlihan Lokey served as co-financial advisor to Point Broadband in the transaction. Credit Suisse and Rothschild & Co. served as financial advisors and Kirkland & Ellis LLP served as legal advisor to GTCR.
According to the recently issued, publicly available 2020 Rural Digital Opportunity Fund (RDOF) Auction results, Point Broadband Fiber Holding, LLC was assigned support of $78, 414, 413.10 in funds over 34, 472 locations, assigned across five U.S. states.