Surf Internet the company has raised $175 million in new equity funding and secured an upsized $300 million debt facility. The equity investment was led by Macquarie Capital, with participation from existing investors Bain Capital and Post Road Group. The debt upsize, led by DigitalBridge Credit, includes a new commitment from global investment group CDPQ, along with participation from Boundary Street Capital and Liberty Mutual Investments. This builds upon Surf’s existing $200 million debt facility, which includes prior lending commitments from Canada Pension Plan Investment Board (CPP Investments).
Together, these investments provide Surf with the financial flexibility to expand its fiber-optic network, enhance multigig capabilities, and reach 275,000 fiber passings in 2025.
“This combined financing strengthens our ability to scale while maintaining long-term financial sustainability,” Ryan Delack, CFO of Surf Internet, said. “With the backing of Macquarie Capital and continued support from our existing investors, we are well-positioned to accelerate fiber deployment and bring reliable, high-speed internet to more communities.”
“Surf Internet has an impressive track record in deploying and commercializing fiber infrastructure and has a clear path for future growth,” Sam Southall, managing director at Macquarie Capital, said. “This investment reflects our confidence in its leadership, strategy and ability to scale in a rapidly evolving industry.”
“Strong demand for fiber connectivity continues to drive investment in critical broadband infrastructure,” Chris Moon, managing director at DigitalBridge Credit, said. “We are excited to continue to support Surf’s next phase of growth as they expand across the Great Lakes Region, reinforcing our commitment to enabling the next wave of digital infrastructure expansion.”
The equity transaction closed on Feb. 13, 2025, while the debt transaction closed on Feb. 3, 2025. Houlihan Lokey served as exclusive financial advisor and placement agent to Surf on both transactions, while Kirkland & Ellis acted as legal counsel. Goodwin Proctor served as legal counsel to Macquarie Capital. White & Case served as legal counsel to DigitalBridge Credit as the lead lender.
