Houlihan Lokey Advises Glass Routes

Houlihan Lokey is pleased to announce that Glass Routes, a portfolio company of Platform Investment Partners, a fiber-to-the-home (FTTH) platform currently focused on the Southeast and Mid-Atlantic regions of the U.S., has raised a senior secured credit facility from Post Road Group to finance the company’s greenfield network buildout. The transaction closed on May 15, 2024.

Glass Routes, a dedicated FTTx platform, seeded two operating companies, Ripple Fiber and HyperFiber, that provide fiber-based, high-speed internet to residential subscribers in their respective geographies. The combined management teams have more than 100 years of FTTH experience, which will support a large-scale buildout plan to reach over two million homes.

The new senior secured credit facility will help support Glass Routes’ near-term plan to expand its network to more than 260,000 fiber passings through 2025.

The debt raise comes alongside a significant equity investment led by Platform Investment Partners, an investment holding company focused on telecommunications and technology globally, which has a remarkable track record of seeding successful fiber operators. Other key investors include KLT Holdings and Myriad Capital. This group of highly experienced investors has been investing in fiber companies globally for decades and launched Glass Routes to focus on enabling early-stage operators in the fragmented U.S. FTTH market.

Post Road Group is an alternative investment advisory firm based in Stamford, Connecticut, that focuses on private credit and private equity investments in digital infrastructure, telecommunications, media, business services, real estate, and specialty finance. Post Road’s corporate investment strategy has closed 19 transactions in the digital infrastructure space, with a focus on growing businesses that provide critical telecommunications infrastructure to underserved customers.

Houlihan Lokey served as the exclusive financial advisor and placement agent to Glass Routes.