SOUTHFIELD,
Mich., July 22, 2024 /PRNewswire/ -- Grain
Management, LLC ("Grain" or the "Firm"), a trusted solutions
provider to the broadband and communications industry, announced
today that it has completed its previously announced acquisition of
a majority investment in 123NET, a premier commercial and
residential fiber internet, data center interconnectivity and
colocation, and business voice services provider based in
Michigan. This partnership is a
continuation of the Firm's industry-specialist approach to creating
value through investments in fiber and data center technology.
Since its founding in 1995, 123NET has invested
in Michigan's infrastructure,
partnering with communities and carriers to enhance fiber networks
throughout the state, building an expansive 3,100 route mile
network including long haul and dense metro fiber network in
Michigan's largest cities.
123NET's network is further enhanced by Michigan's largest carrier hotel, which houses
the Detroit Internet Exchange ("DET-iX"), the seventh largest
exchange point by throughput in North
America. Its data center portfolio includes four
high-density data centers in metro Detroit and Grand
Rapids.
"The network infrastructure that 123NET provides
to businesses, residents, and communities throughout the state is
critical, and we're proud to be one of the Midwest's largest and
most trusted telecom enterprises," said Dan
Irvin, 123NET Chief Executive Officer. "Our
partnership with Grain and its knowledgeable team of professionals
is the next step on our growth trajectory and will allow us to do
even more to improve connectivity in Michigan."
"Grain is thrilled to be collaborating with the
accomplished executive team at 123NET," said Raghav Nayar, Managing Director at Grain. "Their
data-driven approach to growth and innovation combined with their
commitment to community is inspiring. We believe that 123NET's
culture aligns perfectly with Grain's commitment to precision and
innovation, and to our dedication to creating sustainable value in
our interconnected world."
Bank Street Group LLC served as financial advisor
and Greenberg Traurig, LLP served as legal counsel to 123NET in
connection with the transaction. Baker Botts L.L.P. served as legal
counsel to Grain in connection with the transaction.
About 123NET
123NET is a Michigan-based Internet Service Provider (ISP)
focused on equipping businesses with an industry-leading data
center, network, and voice services. Over a dozen Fortune 500
companies and thousands of Michigan businesses trust 123NET to provide
them with world-class connectivity. Home of the Detroit Internet
Exchange (DET-iX) and the Grand Rapids Internet Exchange (GRR-iX),
123NET operates one of the largest carrier-neutral data centers and
peers with technology leaders such as Google, AWS, GM and
others.
About Grain Management
Founded in 2007, Grain Management is a leading,
global investment firm. We believe broadband and digital
infrastructure are foundational to the tech-enabled transformation
occurring across all industries and facets of society. Our global
team of seasoned and diverse professionals share a collective
passion for the power of connectivity to strengthen communities and
unlock human potential for all.
We specialize in digital infrastructure and are a
trusted solutions provider to the broadband and communications
industry. Our unique combination of sector knowledge, experience as
operators, and disciplined analytical approach guide our
differentiated investment strategy across fiber networks, data
centers, wireless spectrum, cell towers, as well as managed and
infrastructure services. For more information visit
www.graingp.com.
Contacts:
Grain Public Relations
PR@graingp.com
123NET Public Relations
Danielle Pink, 123NET Director of
Marketing, Dpink@123.net
Patrick Liebler, Liebler Group PR,
Pat@lieblergroup.com
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SOURCE Grain Management, LLC