Trive Capital, which carved out EarthLink in 2019, retains a minority stake as Wave Division Capital, The Pritzker Organization and Stephens Capital Partners partner with EarthLink's management team to acquire the internet provider. Wave Division, led by broadband executive Steve Weed, spearheads the deal. Bank Street Group served as exclusive financial adviser.
EarthLink, headquartered in Atlanta, serves over 500,000 internet and managed services customers nationwide. The company utilizes an asset-light national network through fiber and 5G partnerships, offering fiber internet to more than 68 million homes. It positions itself as one of the largest internet providers in the US.
Since the 2019 carve-out, Trive has worked with management to expand the business, strengthen its technology platform and broaden wholesale relationships. The terms of the acquisition were not disclosed. Editor's note: This news brief was produced with the assistance of artificial intelligence.
Source: PE Hub · Summarized by HeadlinesBriefing