Visionary Broadband, an ISP in Gillette, Wyoming, that serves the broader Rocky Mountains region, has received a strategic investment from funds affiliated with Chicago private equity firm GTCR, which has a history of investments in broadband firms and funds.
Financial terms of the investment were not disclosed, and GTCR has not yet responded to a request for comment. The two parties involved said in a statement that the transaction will allow Visionary to continue investing in the construction of new fiber networks throughout Wyoming, Colorado and Montana, and will prepare Visionary for match requirements in upcoming state government grant programs.
Founded in 1994, Visionary serves customers via a hybrid fiber and wireless network, and the new funding will accelerate its ongoing fiber-to-the-premise (FTTP) network expansion targeting rural and underserved communities with 10 Gbps-capable XGS-PON access technology.
Visionary is building out FTTP projects in several markets in its existing footprint. The initial builds include the Wyoming communities of Casper, Cheyenne, Gillette, Lander, Laramie, and Lusk; and Marble, Gunnison, and Walden in Colorado. Previously, Visionary completed FTTP projects in Dayton, LaGrange, Ranchester, and Yoder in Wyoming, and in Kremmling, Colorado.
"This investment accelerates our commitment to deliver reliable, state-of-the-art gigabit internet where we live, work and play," said Brian Worthen, CEO of Visionary Broadband, in the statement. "GTCR shares our rural broadband focus, and we are excited to partner with them at this essential time for broadband."
"The Visionary management team has built an incredible business with deep roots in the communities they serve," said Stephen Jeschke, Managing Director at GTCR, in the statement. "We are excited to partner with an experienced and entrepreneurial management team focused on hiring local and bringing multi-gigabit fiber-based internet access to their service areas."
GTCR has been heavily focused on investing in independent and rural broadband operators, having formed Mega Broadband Investments LLC in partnership with former rural cable system executive and investor Phil Spencer back in 2017. Other GTCR portfolio companies in the sector include Point Broadband and Clearwave Fiber. GTCR also acquired Inteliquent back in 2016, and merged it with Onvoy.
Q Advisors served as financial advisor to Visionary Broadband with Jennifer McDowell at Welborn Sullivan Meck & Tooley, P.C. serving as legal counsel. Kirkland & Ellis LLP served as legal advisor and PriceWaterhouseCoopers served as accounting advisor to GTCR.