US fibre infrastructure and broadband provider VFN Holdings (Vero Networks) has secured a $500m (€434m) equity investment in a deal was led by funds managed by Hamilton Lane, Braemont Capital and Delta-v Capital to support its expansion.
As part of the investment, Brent Burnett, head of infrastructure and real assets, and Peter Udbye, principal of infrastructure and real assets, at Hamilton Lane, along with Wali Bacdayan, partner at Braemont Capital, will join the Vero Networks board as value-add partners.
Rand Lewis, managing partner at Delta-v Capital, will continue to serve on Vero Networks’ board.
Vero Networks said the “non-control growth equity investment will support its next phase of growth”, accelerating the expansion of its fibre-to-the-premise and wholesale fibre networks as well as continuing M&A across new and existing US markets.
Matt Erickson, CEO of Vero Networks, said: “We are thrilled to announce this financing, which will enable Vero to build new fibre infrastructure to data centres, homes, schools, cell towers and businesses. Further, we will continue to be on the lookout for attractive acquisitions, all while we consistently deliver high-quality service to our customers.
“We are fortunate to have an amazing team here at Vero and to be supported by long-term strategic investors, welcoming Braemont and deepening our existing relationships with Hamilton Lane and Delta-v. Their combined experience in digital infrastructure and commitment to growth-oriented businesses make them ideal partners for Vero’s next chapter.”
Lewis said: “We have worked with Vero’s leadership team for two decades. They are world-class operators with a fantastic record of value creation in fibre. We have a strong conviction in the company’s ability to execute on both organic and acquisition-driven opportunities.”
Burnett said: “Vero has built a scaled, differentiated fibre platform, serving a wide range of customers across education, government, hyperscale and residential end markets. We believe in the long-term demand trends for fibre and are excited to partner with a management team that has an exceptional track record of execution in this space.”
Udbye said: “We are excited to build upon our existing partnership with Vero’s outstanding management team and support the company’s growth strategy alongside Braemont and Delta-v.”
Bacdayan said: “Over the past several years, Vero has consistently demonstrated disciplined capital deployment while delivering reliable, high-capacity broadband solutions to communities and institutions that have historically been underserved.
“Vero’s scalable, fibre-based network plays a critical role in supporting hyperscale and data centre-driven connectivity, aligning closely with Braemont’s digital infrastructure services strategy.”
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