Grain Management Completes Majority Acquisition of 123Net in Southfield

Grain Management, a solutions provider to the broadband and communications industry, today announced it has completed its previously announced acquisition of a majority investment in 123Net in Southfield, a commercial and residential fiber internet, data center interconnectivity and colocation, and business voice services provider.

The partnership is a continuation of Grain Management’s industry-specialist approach to creating value through investments in fiber and data center technology, the company states. Terms of the deal were not disclosed.

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 a 3,100 route mile network including long haul and dense metro fiber network in Michigan’s largest cities.

The company also offers 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,” says Dan Irvin , CEO of 123Net. “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 .”

Raghav Nayar , a managing director of Grain Management, says the company “is thrilled to be collaborating with the accomplished executive team at 123Net. 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 served as financial advisor, and Greenberg Traurig served as legal counsel to 123Net in connection with the transaction. Baker Botts served as legal counsel to Grain in connection with the transaction.

More than a dozen Fortune 500 companies and thousands of Michigan businesses utilize 123Net’s digital offerings. The company operates one of the largest carrier-neutral data centers and peers with technology leaders such as Google, AWS, General Motors, and others.

For more information, visit 123.net/ .

Founded in 2007, Grain Management is a leading, global investment firm. The company, which has its headquarters in Washington, D.C.,  specializes in digital infrastructure and is a solutions provider to the broadband and communications industry.

For more information visit graingp.com .

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