New York City, NY – Everside Capital Partners (“Everside”) is pleased to announce a new investment in US Internet Corp. (“USI” or the “Company”). Everside, together with Lake Country Capital (“Lake Country”), a MN based investment firm and a group of Everside’s LPs, all well-regarded Institutional Investors (together with Everside and Lake Country, the Investor Group), provided an additional investment to support the future growth and expansion of USI. The management team, who has been crucial to the success of the Company, will continue to run the business and maintain its majority ownership.
USI, formed in 1995 by Travis Carter and Kurt Lange, is headquartered in Minnetonka, MN and is a fiber optic-based internet service provider, data hosting and applications service company. Since 2010, the Company has invested heavily in fiber infrastructure in Minneapolis and although competing against much larger competitors, USI has been able to achieve a disproportionately high penetration rate of single-family homes and wired multi-dwelling units. The Company differentiates itself from other internet service providers through its faster and more affordable underground fiber optic cable offering to customers. By utilizing an individual fiber strand to each building it services, USI is effectively able to remove any bandwidth limitations.
Looking ahead, the founder-led management team of USI plans to continue the rapid growth of the Company by pursuing a large-scale deployment of fiber-to-the-home internet access in Minnesota and adjacent areas. The Investor Group is thrilled to have the opportunity to support the management as they continue to invest into and expand Minneapolis’ fiber infrastructure, whose characteristics provide strong fundamentals for growth.
“We have known USI’s management team as a lender for many years and are excited to deepen our relationship through this investment. We believe the demand for reliable high-speed fiber connections has significantly increased during the COVID-19 crisis and that the need for reliable internet will continue to go up, driven by streaming, gaming and telecommuting. USI has been the leader in providing reliable high-speed internet by building out the most reliable fiber optic cable network in Minneapolis. We believe the Twin Cities is one of the most sophisticated urban areas in the U.S., which makes USI’s fiber network a crucial part of the region’s infrastructure. Everside, together with our trusted partners, is excited to partner with USI to help them continue on this successful journey.” – Moritz Poehl, Founder and Managing Partner of Everside
Everside Capital Partners, LLC (“Everside”), an SEC Registered Investment Adviser, is a New York based asset management firm focused exclusively on the lower middle market (defined as businesses with $3-20 million in EBITDA). The firm is led by a team with extensive backgrounds in credit, direct investing and origination from top global institutions and manages over $400 million in assets.
For more information, visit www.everside.com.
Contact Everside Capital: