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Surf Broadband Solutions, Premier Fiber-Based Broadband Provider in the Great Lakes Region, to be Acquired by Bain Capital Credit

June 15, 2021

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Surf Broadband Solutions, Premier Fiber-Based Broadband Provider in the Great Lakes Region, to be Acquired by Bain Capital Credit

Bain Capital Credit’s special situations strategy became “Bain Capital Special Situations” in Fall 2022.

Elkhart, IN, June 15, 2021- Surf Broadband Solutions (“Surf Broadband,” “Surf” or the “Company”), the premier fiber-based high-speed broadband provider in the Great Lakes region, today announced that Bain Capital Credit, LP will acquire a majority stake in the Company and is committing significant growth capital to accelerate its fiber optic network expansion. The Company will continue to operate under the direction of its current leadership team, many of whom are significant investors in the business. Post Road Group, Surf’s current majority shareholder, will remain an investor alongside Bain Capital Credit and further capitalize the Company’s growth plans. Financial terms of the private transaction were not disclosed. 

Surf Broadband provides predominately fiber-based, high-speed broadband to residential subscribers, businesses, educational institutions, and municipalities across Indiana, Illinois, and Michigan. Ensuring broadband is delivered to those who need it most, Surf Broadband works with local schools and economic development offices to identify the pressing needs of the communities in which the Company operates. With Bain Capital Credit and Post Road Group’s financial and operational support, Surf Broadband will accelerate its rollout of fiber-to-the-premises (FTTP) services to underserved areas across the Great Lakes region.

“We are excited to embark on our next phase of expansion with experienced investment partners who share our vision for building Surf Broadband into a leading FTTP provider with a state-of-the-art network, differentiated customer service and an unmatched local presence,” said Gene Crusie, Chief Executive Officer of Surf Broadband. “COVID-19 has confirmed what many of us have known for years – high-speed broadband is the lifeblood of local communities across the country and an important driver of economic growth. Partnering with Bain Capital Credit and Post Road Group will allow us to invest in our fiber-optic network to bring broadband technology to as many underserved communities as possible.” 

“The transition to remote work and e-learning has served to underscore that fast and reliable internet service is no longer a luxury but a necessity. We believe the demand for broadband connectivity and data consumption will only continue to increase in the years ahead,” said Brian Hirschfeld, a Managing Director at Bain Capital Credit. “Surf Broadband is at a key inflection point in its evolution and we look forward to partnering with Gene and his talented team to further enhance the Company’s strategic capabilities. Surf is well-positioned to further capitalize on attractive growth opportunities while strengthening its commitment to bridging the digital divide across the Midwest,” added Anthony Sorrentino, a Vice President at Bain Capital Credit.

“We are excited to again partner with Gene and the Surf team to deliver best-in-class broadband to customers across the region,” said Andy Runk, Managing Director at Post Road Group. “Bain Capital Credit’s involvement will be transformative to Surf’s rapid acceleration of fiber deployment that will benefit communities across the region.”

The transaction is expected to close during the third quarter of 2021 and is subject to customary closing conditions, including requisite regulatory approvals. Houlihan Lokey is serving as financial advisor to Surf Broadband in connection with this transaction. Perkins Coie LLP is serving as legal counsel to Surf Broadband. Kirkland & Ellis LLP is serving as legal counsel to Bain Capital Credit.


About Surf Broadband Solutions 
Surf Broadband Solutions ( is the premier broadband provider in the Great Lakes region since 2010. Our mission is to provide the greatest number of people with the best possible access to the internet. We serve these areas with offices in LaPorte, IN, Coal City, IL, Elkhart, IN, and Byron Center, MI. The Surf Broadband Solutions network is fast, with the latest technology, so our customers experience reliable internet to enhance their daily lives, to Connect Further. Faster. 

About Bain Capital Credit
Bain Capital Credit ( is a leading global credit specialist with approximately $48 billion in assets under management. Bain Capital Credit invests across the full spectrum of strategies, including leveraged loans, high-yield bonds, distressed debt and special situations, private lending, structured products, non-performing loans, and majority and minority equity stakes. Founded in 1998 as a private, employee-owned firm, Bain Capital Credit’s experienced team of over 150 investment professionals seeks to identify attractive equity and credit investment opportunities across North America, Europe, and Asia–Pacific. In addition to credit, Bain Capital invests across asset classes including private equity, public equity, real estate and venture capital, and leverages the firm’s shared platform to capture opportunities in strategic areas of focus. 

About Post Road Group
Post Road Group ( is a credit opportunities and private equity investment platform focused on lower-middle market companies and real estate. Our corporate platform invests in high-growth businesses in the telecommunications, media, technology, and business services sectors, including telecom infrastructure projects and special situation investments. Post Road’s real estate credit platform provides construction financing and bridge lending to developers nationwide while our real estate equity platform owns, operates, and develops multifamily assets throughout the United States. Based in Stamford, Connecticut, the firm has completed over $1.3 billion of investments since its founding in 2015.