NASHVILLE, Ind.--(BUSINESS WIRE)--Mainstream Fiber Networks (“Mainstream” or the “Company”) is rapidly expanding high-speed broadband access to thousands of unserved and underserved rural Hoosier communities thanks to a new strategic investment from global private investment firm Searchlight Capital Partners, L.P. (“Searchlight”).
Since 2012, Indiana-based Mainstream has been the leading provider of reliable, affordable fiber-optic Internet service throughout rural Indiana. Mainstream already is a trusted partner of the State of Indiana through the Next Level Connections Broadband initiative, having received more than $19 million in grant funding to bring Internet access to previously unserved and underserved areas.
“It’s wonderful to see a Hoosier company dedicated to boosting broadband access to all corners of Indiana,” said Indiana Lt. Gov. Suzanne Crouch. “Our residents, business owners and visitors will benefit from Mainstream partnering with Searchlight to help bridge the digital divide, and we’re grateful for their ongoing investments and collaboration.”
With Searchlight’s support, Mainstream will grow its public-private collaborative efforts to bring Internet access to areas of the state that for too long have been left behind in digital service.
“We are excited to partner with Mainstream to help the Company build on its successful track record of bringing broadband service to communities throughout the state of Indiana,” said Darren Glatt, Partner and Head of Digital Infrastructure at Searchlight. “By building out best-in-class and scalable next-generation fiber networks throughout Indiana, Mainstream is positioned to help hundreds of thousands of unserved and underserved homes and businesses gain access to quality, high-speed broadband.”
“We firmly believe access to high-speed fiber optic Internet is essential for all communities and businesses – but specifically those in rural areas – to stay competitive and successful in today’s digital economy. In fact, Mainstream was founded specifically to connect Hoosiers in digital deserts that exist in communities across the state. That will continue to be our mission,” said Mainstream founder and CEO Bryan Gabriel. “Searchlight stands out as a leading investor in broadband networks throughout North America, and its commitment to bridging the digital divide is evident in its status as one of the largest builders of residential fiber networks in the United States. This investment will empower Mainstream to further our ambitious expansion plans and work with local governments that are actively seeking a reliable partner capable of delivering best-in-class fiber connectivity to all their residents and businesses."
The investment is also anticipated to create numerous job opportunities across the state as Mainstream expands service to new markets.
“Connecting the unconnected has long been the core mission of Mainstream Fiber Networks. The Company has done an excellent job thus far deploying fiber-based infrastructure and serving Indiana residents who previously had substandard Internet access, if they had access at all,” said Ajit Pai, Partner at Searchlight and former Chairman of the U.S. Federal Communications Commission. “Searchlight is excited to partner with Mainstream and help accelerate its efforts to deploy digital infrastructure across the state, which continues to offer businesses a superior climate in which to grow, operate, and create jobs.”
Mainstream currently serves eight counties across the state and is headquartered in Nashville, Indiana with regional offices in Corydon, Fowler, and Newburgh, Indiana. More information can be found at www.msfiber.net.
Advisors Citizens Capital Markets & Advisory served as exclusive financial advisor to Mainstream in connection with this transaction. Ice Miller LLP and Bose McKinney & Evans LLP served as legal counsel to Mainstream. Latham & Watkins served as legal counsel to Searchlight.
About Searchlight Capital Partners, L.P. Searchlight is a global private investment firm with approximately $12 billion in assets under management and offices in New York, London, Miami, and Toronto. Searchlight seeks to invest in businesses in which its long-term capital and strategic support accelerate value creation for all stakeholders. For more information, please visit www.searchlightcap.com.
About Mainstream Fiber Networks Founded in Nashville, Indiana, Mainstream Fiber Networks is a Fiber to the Premise (FTTP) Internet service provider that understands the need for affordable, high-speed Internet in Indiana’s rural communities. Mainstream’s success is based on customer satisfaction and partnerships with the local communities we serve. To learn more, visit www.msfiber.net.
