OMERS Infrastructure has agreed to inject “significant capital” into Canadian fibre network operator Beanfield Technologies.
The investment aims to support Beanfield’s mission of providing cost-effective, high-speed broadband connectivity to a wider range of homes and businesses in Canada, with a primary focus on Toronto, Vancouver, and Montreal.
DigitalBridge, an initial investor in Beanfield in 2019, will continue to hold the majority stake in the company and this latest investment marks an inaugural partnership between OMERS and DigitalBridge.
Peter Gray and Jenine Krause, both managing directors at OMERS Infrastructure, will be joining Beanfield’s board of directors.
The investment from OMERS will be used to expand Beanfield’s existing 4,000km fibre network, which currently serves approximately 4,000 commercial buildings and more than 170,000 residential units in Ontario, Quebec, and British Columbia.
Gisele Everett, senior managing director and head of Americas, OMERS Infrastructure, said: “We are pleased to support Beanfield’s relentless focus on delivering high-quality, cost-effective broadband connectivity to more Canadians and proud to partner with Beanfield’s management team and DigitalBridge, a leading sector-focused investor.
”Investing in the critical digital infrastructure sector in our home market has been a priority for us and we are delighted to enter into this partnership.”
Steven Sonnenstein, senior managing director, DigitalBridge, said: “DigitalBridge is thrilled to embark on this new partnership with OMERS which will continue to foster further growth and expansion at Beanfield.
”This collaboration underscored our dedication to investing in infrastructure projects that will shape the future of connectivity in Canada.”
Dan Armstrong, CEO, Beanfield Metroconnect, added: “We welcome OMERS to Beanfield, their investment is a validation of our strategy. Together, we are fully committed to expanding access to high-speed broadband connectivity and to capitalise on the significant opportunity.”
Gray added: “We are very pleased to have Beanfield represent OMERS first investment into the digital infrastructure sector in North America and look forward to working closely with management and DigitalBridge to leverage our collective global experience to expand the company’s product offering and reach to more Canadians, creating value for all stakeholders.”
OMERS Infrastructure has three other digital infrastructure investments around the world: Deutsche Glasfaser in Germany, XpFibre in France and Waveconn in Australia.
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