La Porte-based Surf Air Wireless, a broadband service provider, announced Jan. 18 it raised $40 million in capital with Post Road Group and acquired FreedomNet Wireless of Michigan.
With the addition of FreedomNet, Surf Air Wireless now provides coverage north to Grand Rapids, Mich. and south past U.S. 30. A message on FreedomNet's website notes it transferred its wireless network to Surf Air on Nov. 21.
“This new capital partnership with Post Road Group will allow us to grow organically and through acquisition, aggressively bringing connectivity and internet access to the rural homeowner, expanding our partnerships with multiple school districts and grow our commercial business,” said Surf Air Wireless CEO Greg Armstrong. “By harnessing new and improving technologies, whether microwave LTE or fiber, we can bring valuable opportunity to our customers and their work forces.”
MVP Capital Advisors served as the financial advisor to Surf Air Wireless in the transaction.
Surf Air Wireless, founded in 2010, is a fiber optic and fixed wireless broadband provider offering high-speed connectivity for education institutions, commercial organizations and residential customers in parts of Indiana, Illinois and Michigan. The company says acquisitions has contributed to it doubling in size twice the past four years.
