Transaction Creates One of the Largest Independent Fiber Operators in the U.S., Reaching More than 500,000 Customers Across 12 States; Accelerates Planned Expansion to 1+ Million Passings
Backed by GTCR and Berkshire Partners, The Combined Company Will Be Led by David Armistead as Chief Executive Officer with Metronet Co-Founder and former CEO John Cinelli as Chairman
Point Broadband, a leading provider of high-speed fiber-to-the-premise internet in small-town and underserved markets across the United States, today announced it has signed a definitive agreement to combine with Clearwave Fiber, creating a scaled, independent fiber platform. This transaction includes all Clearwave Fiber assets other than the Southern Illinois operations that are being purchased by Metro Communications. Upon closing, the combination will create one of the largest independent fiber operators in the United States, operating across 12 states and currently reaching more than 500,000 homes and businesses with fiber.
Point Broadband was founded in 2017 and is backed by leading private equity firms GTCR and Berkshire Partners. The Company’s fiber network stretches across 10 states, predominately in the Southeast and Midwest.
Formed in 2022 through a joint venture among Cable One, GTCR, The Pritzker Organization, and Stephens Capital Partners and headquartered in Savannah, Georgia, Clearwave Fiber is a provider of fiber internet services to residential and commercial customers across the Southeast and Midwest.
David Armistead, Chief Executive Officer of Clearwave Fiber, will serve as CEO of the combined Company and John Cinelli, Chairman of Point Broadband’s Board of Directors and a founder and former CEO of Metronet, will serve as Chairman. Under David and John’s leadership, the platform is positioned to drive significant growth and aims to double in size in the near-term through a combination of organic builds and M&A.
“This transaction brings together two complementary fiber businesses,” said David Armistead, incoming CEO of the combined Company. “With increased scale and density in our core geographies, we will accelerate fiber deployment while remaining focused on providing a world-class experience for each and every one of our customers.”
“Point and Clearwave are highly aligned on building reliable, state-of-the-art fiber networks,” said John Cinelli, Chairman. “This combination positions us to lead consolidation across our footprint and accelerate toward our goal of reaching more than one million passings.”
The combined Company will be jointly controlled by GTCR and Berkshire Partners, both of which have committed significant growth capital to support continued organic builds and M&A. Cable One, a current investor in both Point Broadband and Clearwave Fiber, will contribute its equity investment in Clearwave Fiber into the go-forward Company and remain a significant shareholder.
“Point and Clearwave are a natural fit together. With David and John at the helm, the combined Company is well-equipped with world-class leadership to execute on a disciplined growth strategy and expand high-quality connectivity to more underserved areas across the country,” said Stephen Jeschke, Managing Director at GTCR.
“We partner with exceptional management teams of fast-growing businesses and are excited to support the next phase of growth alongside our fellow investors,” said Drew Walker, Managing Director at Berkshire Partners. “We are thrilled to be working alongside David and John to expand Point and Clearwave’s fiber-based internet access and exceptional customer service to many more communities across the U.S.”
Todd Koetje, Interim CEO and CFO of Cable One, added, “We’re proud of what Clearwave Fiber has built, and are excited to remain a significant shareholder in the combined Company as it continues its fiber deployment strategy in small towns and underserved communities across the country.”
The transaction is expected to close in the first half of 2026, subject to customary closing conditions and regulatory approvals. Houlihan Lokey served as financial advisor and Kirkland & Ellis LLP served as legal counsel to Point Broadband. Morgan Stanley & Co. LLC served as financial advisor to GTCR and Berkshire Partners. Bank Street Group served as lead financial advisor, J.P. Morgan, and Truist Securities served as financial advisors, and Latham & Watkins LLP provided legal counsel to Clearwave Fiber. Cravath, Swaine & Moore LLP provided legal counsel to Cable One.
Discover the latest trends and insights—explore the Business Insights Journal for up-to-date strategies and industry breakthroughs!
