Southfield, Mich. — July 22, 2024 — /PRNewswire/ — Grain Management, LLC (“Grain” or the “Firm”), a trusted solutions provider to the broadband and communications industry, announced today that it has completed its previously announced acquisition of a majority investment in 123NET, a premier commercial and residential fiber internet, data center interconnectivity and colocation, and business voice services provider based in Michigan. This partnership is a continuation of the Firm’s industry-specialist approach to creating value through investments in fiber and data center technology.
Since its founding in 1995, 123NET has invested in Michigan’s infrastructure, partnering with communities and carriers to enhance fiber networks throughout the state, building 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, which houses the Detroit Internet Exchange (“DET-iX”), the seventh largest exchange point by throughput in North America. Its data center portfolio includes four high-density data centers in metro Detroit and Grand Rapids.
“The network infrastructure that 123NET provides to businesses, residents, and communities throughout the state is critical, and we’re proud to be one of the Midwest’s largest and most trusted telecom enterprises,” said Dan Irvin, 123NET Chief Executive Officer. “Our partnership with Grain and its knowledgeable team of professionals is the next step on our growth trajectory and will allow us to do even more to improve connectivity in Michigan.”
“Grain is thrilled to be collaborating with the accomplished executive team at 123NET,” said Raghav Nayar, Managing Director at Grain. “Their data-driven approach to growth and innovation combined with their commitment to community is inspiring. We believe that 123NET’s culture aligns perfectly with Grain’s commitment to precision and innovation, and to our dedication to creating sustainable value in our interconnected world.”
Bank Street Group LLC served as financial advisor and Greenberg Traurig, LLP served as legal counsel to 123NET in connection with the transaction. Baker Botts L.L.P. served as legal counsel to Grain in connection with the transaction.