SOUTHFIELD, Mich., April 22, 2024 /PRNewswire/ — Grain Management, LLC, a trusted solutions provider to the broadband and communications industry, announced today that it has agreed to acquire a majority interest in 123NET, a premier fiber internet, colocation, and business voice services provider based in Michigan.
123NET has been at the forefront of Michigan connectivity since its founding in 1995. The company has built an expansive 3,100 route mile network including long haul and dense metro fiber network in Michigan’s largest cities. 123NET’s network is further enhanced by Michigan’s largest carrier hotel and its high-density data centers in metro Detroit and Grand Rapids. 123NET’s innovative internet exchange quickly became the world’s largest fee-free exchange and North America’s ninth highest traffic exchange overall.
“123NET’s operations have continuously grown through a series of strategic investments that ultimately created one of the Midwest’s largest and most significant telecom enterprises,” said Dan Irvin, 123NET Chief Executive Officer. “Grain is a sophisticated investor that shares our values and unwavering commitment to best-in-class service for Michigan businesses and communities. Together, our capable teams and combined resources will better enable us to serve current customers while attracting new opportunities, including expanding our high-density, A.I.-capable data centers and pursuing BEAD funding to improve affordable, reliable connectivity to unserved and underserved areas.”
“Grain’s partnership with 123NET is the culmination of a multi-year relationship with this long-standing and experienced management team, and we are thrilled to be partnering with them,” said Raghav Nayar, Managing Director at Grain. “We think very highly of the disciplined, analytics-driven culture at 123NET, and we believe our synergy enables us to achieve even greater results together.”
Bank Street LLC serves as exclusive financial advisor to 123NET in connection with the transaction. 123NET’s leadership team will remain in place and retain a meaningful ownership position.
About 123NET
123NET is a Michigan-based Internet Service Provider (ISP) focused on equipping businesses with an industry-leading data center, network, and voice services. Over a dozen Fortune 500 companies and thousands of Michigan businesses trust 123NET to provide them with world-class connectivity. Home of the Detroit Internet Exchange (DET-iX) and the Grand Rapids Internet Exchange (GRR-iX), 123NET operates one of the largest carrier-neutral data centers and peers with technology leaders such as Google, AWS, GM and others.
About Grain Management
Founded in 2007, Grain Management is a leading, global investment firm. We believe broadband and digital infrastructure are foundational to the tech-enabled transformation occurring across all industries and facets of society. Our global team of seasoned and diverse professionals share a collective passion for the power of connectivity to strengthen communities and unlock human potential for all.
We specialize in digital infrastructure and are a trusted solutions provider to the broadband and communications industry. Our unique combination of sector knowledge, experience as operators, and disciplined analytical approach guide our differentiated investment strategy across fiber networks, data centers, wireless spectrum, cell towers, as well as managed and infrastructure services. For more information visit www.graingp.com.
Contacts:
Grain Public Relations
[email protected]
123NET Public Relations
Danielle Pink, 123NET Director of Marketing, [email protected]
Patrick Liebler, Liebler Group PR, [email protected]
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SOURCE Grain Management, LLC
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