Bain Capital Credit Buys Majority Stake in Surf Broadband Solutions
Posted on 06/23/2021
On June 15, 2021, Bain Capital Credit, LP purchased a majority stake in Elkhart, Indiana-based Surf Broadband Solutions, a fiber-based high-speed broadband provider in the Great Lakes region. Stamford, CT-based Post Road Group, Surf’s current majority shareholder, will remain an investor alongside Bain Capital Credit and further capitalize the Surf Broadband’s growth plans.
Advisors
The transaction is expected to close during the third quarter of 2021 and is subject to customary closing conditions, including requisite regulatory approvals. Houlihan Lokey is serving as financial advisor to Surf Broadband in connection with this transaction. Perkins Coie LLP is serving as legal counsel to Surf Broadband. Kirkland & Ellis LLP is serving as legal counsel to Bain Capital Credit.
Post Road Group is a credit opportunities and private equity investment platform focused on lower-middle market companies and real estate.
In January 18, 2019, Post Road Group invested US$ 40 million in Surf Air Wireless, LLC. Part of that money was used for Surf Air Wireless to acquire FreedomNet Wireless. MVP Capital Advisors served as the financial advisor to Surf Air Wireless in connection with this transaction.