Grain Management (“Grain” or the “Firm”), a leading private investment firm exclusively focused on broadband technology and the global communications sector, announced today it has entered into a definitive agreement to sell its controlling interest in WANRack LLC (“WANRack”) to CBRE Caledon Capital Management Inc.
WANRack is a high-bandwidth, fiber-based communication network provider helping schools and libraries close the connectivity gap by realizing the potential of the most promising, highest capacity broadband technology available. The company is currently operating 68 networks across 23 states, with a robust fiber-optic networks traversing the nation from Florida to Washington state, and from Arizona to Connecticut.
“In close partnership with Grain, WANRack was able to grow more than fourfold over the last three years and extend its reach to nine new U.S. states,” said Raghav Nayar, Principal at Grain. “With Grain’s support, WANRack enjoyed a particularly strong 2020 – closing more than $30 million in new contracts – as the year served to highlight the importance of affordable, high-speed broadband connectivity to the success of K-12 students.”
“We are thrilled to have worked with WANRack’s leadership team to catalyze transformational growth and deliver substantial value realized by this sale,” said Michael McKenzie, Managing Director at Grain. “We are also proud that WANRack has grown to connect more than 450 schools in underserved communities to affordable high-speed broadband.”
The acquisition is subject to confirmatory diligence and is expected to close in the second quarter of 2021. TD Securities served as exclusive financial advisor to Grain and WANRack in connection with this transaction. Alston & Bird LLP served as legal counsel to Grain.
About Grain Management
Grain Management, LLC is a leading private investment firm that focuses on broadband infrastructure and technology companies that connect the world to the information economy. Founded in 2007, Grain invests exclusively in the telecommunications sector, employing a rigorous, data-based process buoyed by deep industry expertise to identify investment opportunities in key areas of telecommunications infrastructure, including fiber networks, wireless spectrum, and cell towers. For more information visit www.graingp.com.