- Northleaf said it will invest up to $230 million over the next several years
- The investment will help Mercury accelerate broadband internet services for underserved, rural communities across the Midwestern US
- Toronto-based Northleaf Capital Partners has raised $21 billion in private equity, private credit and infrastructure commitments
Northleaf Capital Partners has acquired a controlling interest in Mercury Broadband, a Topeka, Kansas-based provider of high-speed internet and digital phone services to select US rural markets.
The Canadian private markets firm said it will invest up to $230 million over the next several years to help Mercury accelerate broadband internet services for underserved, rural communities across the Midwestern US.
“We have been impressed by Garrett and the team at Mercury Broadband and are excited to partner with them. Their ten-year long track record of responsibly participating in government programs to help connect communities positions them well in the current environment,” said Chris Rigobon, director at Northleaf in a statement. “Mercury Broadband’s commitment to bridging the digital divide is an excellent fit with our communications infrastructure investment strategy and provides our investors with exposure to an attractive sector with a compelling risk/return profile and significant growth potential.”
Construction on the new service areas has already begun. The deployment effort will take approximately six years and will include hundreds of fixed wireless access sites, along with more than 12,000 miles of constructed outside fiber plant. Services will be built and launched across select markets in Kansas, Indiana, Missouri, Michigan, Ohio and Illinois.
Toronto-based Northleaf Capital Partners has raised $21 billion in private equity, private credit and infrastructure commitments from public, corporate and multi-employer pension plans, endowments, foundations, financial institutions and family offices.
Truist Securities served as financial advisor to Mercury Broadband while Akin, Gump, Strauss, Hauer and Feld served as legal counsel. Northleaf was advised by Wilkinson Barker Knauer.