Everstream has found itself another regional M&A target out in the Midwest. Today they announced a deal to acquire Rocket Fiber LLC, expanding the company's Michigan depth in the state's largest market of Detroit.
Rocket Fiber is a young company, founded just six years ago with the aim of hooking up downtown Detroit with modern fiber infrastructure. Today the company operates 41 route miles connecting up key destinations like Ford Field, home of the Detroit Lions, the Cobo Center, and Greektown Casino-Hotel. It will contribute 2 local offices in downtown Detroit and a headcount of 75 into Everstream's broader regional busienss.
The deal is another part of Everstream's plans to invest $250M into its Midwestern infrastructure this year. Much of that will be organic, but clearly the company is on the prowl for assets like this that will accelerate the process.
Bank Street Group and Bodman PLC advised Rocket Fiber, while MVP Capital Advisors and Thompson Hine LLP did the same for Everstream to facilitate the deal. Financial terms were not disclosed.
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