SOUTHFIELD–Grain Management LLC announced that it has completed its previously announced acquisition of a majority investment in 123NET, a commercial and residential fiber internet, data center interconnectivity and colocation, and business voice services provider.
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. 123Net’s network is further enhanced by Michigan’s largest carrier hotel, which houses the Detroit Internet Exchange, 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 CEO. “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.”
Founded in 2007, Grain Management is an investment firm specializing in broadband and digital infrastructure. It has offices in Washington, D.C., New York City, Sarasota, Fla., and London.
