WaveDivision Capital Leads Investor Group in EarthLink Acquisition
A consortium led by WaveDivision Capital, alongside The Pritzker Organization and Stephens Capital Partners, has acquired Atlanta-based internet provider EarthLink. The deal, which includes a minority reinvestment from former backer Trive Capital, aims to scale the company’s asset-light broadband platform and expand its reach across the United States.
EarthLink currently maintains a footprint reaching over 68 million homes through strategic wholesale agreements with major fiber and 5G providers. This infrastructure supports more than 500,000 active internet and managed services customers. CEO Steve Weed of WaveDivision Capital noted the firm’s intent to leverage EarthLink's existing market trust to streamline connectivity options for small businesses and residential users alike.
Trive Capital, which originally carved out the business from its public parent in 2019, will remain involved as a minority investor. EarthLink CEO Glenn Goad stated that the company will prioritize aggressive footprint expansion into new markets while maintaining the service model that has defined its recent growth. Bank Street Group acted as the exclusive financial advisor for the acquisition. Financial terms of the transaction were not disclosed.
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