A fund managed by Macquarie Asset Management has invested in US fibre broadband business Pavlov Media.
Macquarie said the fund has made a preferred equity investment in the fibre company without disclosing the amount invested.
Pavlov, founded in 1994 and understood to be worth around $500m (€462m), mainly provides broadband services to multi-dwelling units (MDU). The company primarily targets off-campus student housing and luxury apartments but also serves on-campus student housing, hotels, adult living, and hospitals. Its reach is across more than 150 markets in the US and Canada.
Macquarie said the fund’s investment will allow Pavlov to continue the construction of fibr infrastructure in existing and new markets, expand the company’s MDU market presence and accelerate Pavlov’s fibre-to-the-home initiatives, which are focused on locations around its core markets.
As previously reported, Macquarie is seeking to raise $7-8bn for Macquarie Infrastructure Partners VI, to mainly acquire North American core-plus and value-add mid-market infrastructure assets.
Karl Kuchel, CEO of Macquarie Infrastructure Partners, said: “We believe that the combination of Pavlov Media’s highly contracted base business and its significant growth potential represents a unique opportunity to invest in the rapidly growing consumer fibre sector.
“We look forward to partnering with the Pavlov Media management team to support the future growth of the business.”
Mark Scifres, chairman and CEO of Pavlov Media, said Macquarie has a track record in bringing fibre connectivity to underserved geographies and ”shares my vision of building networks that deliver simply exceptional connections for our customers, and we look forward to working with them to grow our business”.
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