- This is the second acquisition Beanfield has made this year following the purchase of FibreStream in January
- The deal sees Beanfield continuing its expansion of its fiber footprint into Canada’s west coast
- Beanfield was recapitalized by DigitalBridge in May 2020 with an investment of C$255 million
DigitalBridge-backed Beanfield Metroconnect has acquired Urbanfibre, a fiber provider operating in the greater Vancouver area.
The deal sees Toronto-based Beanfield continuing its expansion of its fiber footprint into Canada’s west coast. Beanfield has committed to expanding its residential and commercial network and service offerings across Canada’s major metropolitan areas. This is the second acquisition it has made this year after the purchase of FibreStream in January.
“We’re excited to welcome Urbanfibre to our family. They share our values and goal of supporting and providing communities with reliable, fibre-optic connectivity at competitive prices,” said Dan Armstrong, CEO/CTO at Beanfield. “We believe that joining with Urbanfibre is another important step in our continued focus on building the communications network of the future. It further strengthens our position to offer business and residential customers top-of-class connectivity as Canadians continue to work in a hybrid world and bandwidth needs and speeds increase.”
“We’re thrilled to join Beanfield,” says Jon Paul Janze, CEO at Urbanfibre. “It was clear from early in our discussions that the history and values of the two companies aligned. We share a similar approach and emphasis on incredible customer service, embracing innovation and are community focused. By joining forces, we’ll be able to build on our rich histories and expand our offerings. This will ensure true competition and network resiliency is available across the Greater Vancouver Area.”
DigitalBridge is a dedicated digital infrastructure firm headquartered in Boca Raton, Florida. It invests across five key verticals: data centers, fiber networks, small cells, edge infrastructure and cell towers. It has $47 billion in assets under management as of March 2022.
DigitalBridge acquired Beanfield in 2019 and recapitalized it in May 2020 with an investment of C$255 million.