Highway 89 Acquires Four Fiber Broadband Internet Companies
Highway 89, backed by private equity firm Freedom 3 Capital, has acquired four fiber-focused broadband companies to provide Internet service to more than 400 properties and 40,000 subscribers. Financial terms of the acquisitions were not disclosed.
These are technology M&A deal numbers 31, 32, 33 and 34 that ChannelE2E has covered so far in 2022. See more than 1,000 technology M&A deals for 2022, 2021 and 2020 listed here.
Broadband Internet Services for Multi-Family Units
The four acquisitions involve Arizona-based Broadband Holdings and Digital Home Lifestyles, along with Utah-based companies Mereo Networks and Vicidiem. Those companies have now combined to operate under the Mereo Networks brand, the buyer said.
Their overarching goal: “Support multi-family unit owners and developers with reliable single-source bulk broadband internet solutions,” Highway 89 said. Residents, in turn, can “follow simple online instructions to obtain instantaneous access to an internet connection,” the buyer added.
Beyond Internet service, Mereo Networks has a network operations center provides 24x7x365 monitoring. Multi-family apartment developers, in turn, can leverage smart building technologies including digital thermostats, security systems, door locks, smart lighting, and fiber-based Internet to increase the value of their properties, Mereo indicated.
Investor and Executive Perspectives
In a prepared statement about the acquisitions, Thomas Wilky, CEO and Founder of Highway 89, said:
“With a proven history as a reliable critical-service provider, Highway 89 has been successful in growing our business portfolio by adding significant value for developers through a robust product offering that drives revenue and improves resident satisfaction across multi-family units. We look forward to the future of Mereo and its expansion across current and future markets with the support of Freedom 3 Capital.”
Brock Blackner, founder of Mereo Networks, added:
“I am pleased to be joining the Highway 89 team and am thrilled to have the resources in place to expand our platform and deliver our trusted brand of customer service to even more residents across the United States.”
Concluded Brian Block, partner at Freedom 3 Capital:
“This investment is in-line with Freedom 3’s goal of supporting passionate entrepreneurs with the proven ability to execute on considerable demonstrable growth opportunities. The multi-family space is rapidly growing, and the infrastructure to support high-quality connectivity is critical to providing an excellent residential experience. We are excited to partner with Highway 89 in support of this experience, and to encourage the long-term growth of the Mereo platform.”