DIF Capital invests in Prairie internet services provider RFNOW

RFNOW offers internet services, such as enterprise fiber, residential fiber, fixed wireless internet and phone services, to communities across Manitoba and southeastern Saskatchewan.

  • RFNOW is based in Virden, Manitoba and has more than 120 employees
  • The deal is intended to accelerate the growth of RFNOW’s telecommunications network
  • It follows previous fiber investments by DIF in rural Canada

DIF Capital Partners has completed an investment in RFNOW, a Canadian internet services provider, to accelerate the growth of its telecommunications network. No financial terms were disclosed.

RFNOW, established in 2000, offers internet services, such as enterprise fiber, residential fiber, fixed wireless internet and phone services, to communities across Manitoba and southeastern Saskatchewan. The company is based in Virden, Manitoba and has more than 120 employees.

DIF made the investment through its DIF’s CIF III fund, a fund targeting mid-sized, core-plus infrastructure businesses. The deal follows previous fiber investments by the firm in rural Canada.

“RFNOW is offering a tremendously important internet service connecting relatively remote areas with its state-of-the-art fiber technology. The addition to our existing investments offers a gateway to unlock even bigger parts of Canada, “said Willem Jansonius, partner, and head of CIF at DIF Capital Partners, in a statement.

“This investment will provide immediate and long-term benefits to RFNOW customers and employees,” said Chris Kennedy, CEO of RFNOW. “Now, with this new partnership, we are well-positioned to enhance our existing operations and accelerate investment in new communities and regions.”

DIF, headquartered in Netherlands, is an infrastructure fund manager that manages over €15 billion assets. The firm was established in 2005 and handles mid-market investments, primarily in Europe, North America, and Australia.

Agentis Capital, Davies Ward Phillips & Vineberg and KPMG acted as DIF’s advisors in the deal.