Houlihan Lokey Advises Surf Broadband

Houlihan Lokey is pleased to announce that Surf Broadband Solutions has been acquired by Bain Capital Credit, a leading private equity firm. Post Road Group, Surf’s previous majority shareholder, will remain an investor alongside Bain Capital Credit and further capitalize the company’s growth plans. The transaction closed on August 4, 2021.

Headquartered in Elkhart, Indiana, Surf Broadband Solutions is the premier fiber-based high-speed broadband provider in the Great Lakes region. Surf Broadband provides its services to residential subscribers, businesses, educational institutions, and municipalities across Indiana, Illinois, and Michigan. Ensuring broadband is delivered to those who need it most, Surf Broadband works with local schools and economic development offices to identify the pressing needs of the communities in which the company operates. With Bain Capital Credit and Post Road Group’s financial and operational support, Surf Broadband will accelerate its rollout of fiber-to-the-premises (FTTP) services to underserved areas across the Great Lakes region. The company will continue to operate under the direction of its current leadership team, many of whom are significant investors in the business.

Founded in 1998, Bain Capital Credit is a leading credit specialist with approximately $48 billion in assets under management. In addition to credit, Bain Capital invests across asset classes, including private equity, public equity, real estate, and venture capital, and leverages the firm’s shared platform to capture opportunities in strategic areas of focus.

Founded in 2015, Post Road Group is a credit opportunities and private equity investment platform focused on lower-middle-market companies and real estate. Since inception, the firm has completed over $1.3 billion of investments.

Houlihan Lokey served as the financial advisor to Surf Broadband and assisted in marketing, structuring, and negotiating the transaction on behalf of the company. This transaction further demonstrates Houlihan Lokey’s leading position in advising premier fiber-based broadband companies in the U.S.