PHOENIX--(BUSINESS WIRE)--Please update release dated January 6, 2022 to correct company name to Highway 89 Ventures throughout.
The updated release reads:
MEREO NETWORKS ACQUIRED BY HIGHWAY 89 VENTURES AS PART OF LANDMARK EXPANSION DEAL
Creates Reliable Single-Source Bulk Internet Solution for Multi-Family Developers, Makes Company One of Largest Bulk Internet Service Providers in Western U.S.
Highway 89 Ventures, a premier in-building gigabit internet service provider, announced today it acquired four individual operating companies supported by an investment from Freedom 3 Capital, making the company one of the largest bulk internet service providers in the Western United States. Highway 89 Ventures now has access to over $100 million of capital to support the development of multi-family connectivity solutions.
The acquired entities include Arizona-based Broadband Holdings and Digital Home Lifestyles, along with Utah-based companies Mereo Networks and Vicidiem. Now operating under the Mereo Networks brand, the combined company covers 18 states across the U.S. and provides a wholesale bulk, single-source solution for premium fiber-based broadband internet to real estate development companies for use in multi-family unit properties.
“With a proven history as a reliable critical-service provider, Highway 89 Ventures has been successful in growing our business portfolio by adding significant value for developers through a robust product offering that drives revenue and improves resident satisfaction across multi-family units,” said Thomas Wilky, CEO and Founder of Highway 89 Ventures. “We look forward to the future of Mereo and its expansion across current and future markets with the support of Freedom 3 Capital.”
The acquisitions position Highway 89 Ventures and Mereo Networks to provide service to more than 400 properties and 40,000 subscribers across its platform, supporting multi-family unit owners and developers with reliable single-source bulk broadband internet solutions. With hardware and software located directly on property, the platform provides proactive and direct customer service solutions that remove property managers from the technology troubleshooting process and eliminates the need for technicians to enter residences to provide connectivity. Residents are able to follow simple online instructions to obtain instantaneous access to an internet connection.
Brock Blackner, founder of Mereo Networks, stated “I am pleased to be joining the Highway 89 Ventures team and am thrilled to have the resources in place to expand our platform and deliver our trusted brand of customer service to even more residents across the United States.”
Backed by a 24x7x365 customer support center and network operations department, Mereo constantly monitors its network to dynamically adapt to a building’s environment and changing needs. The company’s single-source solution not only provides high-quality internet access, but enables developers to leverage smart building technologies including digital thermostats, security systems, door locks, smart lighting, and fiber-based internet to increase the value of their properties.
Freedom 3 Capital recognizes this technology as a useful and significant investment in the multi-family space and supports its continued expansion across all markets.
“This investment is in-line with Freedom 3’s goal of supporting passionate entrepreneurs with the proven ability to execute on considerable demonstrable growth opportunities,” said Brian Block, partner at Freedom 3 Capital. “The multi-family space is rapidly growing, and the infrastructure to support high-quality connectivity is critical to providing an excellent residential experience. We are excited to partner with Highway 89 Ventures in support of this experience, and to encourage the long-term growth of the Mereo platform.”
Houlihan Lokey served as exclusive financial advisor to Highway 89 Ventures on the transactions.
About Highway 89 Ventures
Highway 89 Ventures, through the Mereo brand, delivers single-source fiber-based broadband internet and home automation solutions to multi-family and high-density real estate projects through strategic partnerships in 18 states across the U.S. With more than 40,000 customers, the company is one of the largest bulk-service internet providers in the Western United States. For more information, visit highway89ventures.com.
About Freedom 3 Capital
Freedom 3 Capital invests in companies at inflection points and helps middle-market companies address strategic growth opportunities by delivering unique capital solutions. The firm’s investment process provides F3C the flexibility to tailor investment structures to the industry dynamics, the company’s specific requirements and the management team and owners’ long-term business objectives. Beyond the value of F3C’s capital, the firm’s private equity approach to credit investing creates valuable, lasting partnerships with stakeholders and management teams. F3C is currently investing out of Fund 5 with offices in New York, Kansas City and Dallas. For more information, please visit freedom3.com.
