January 24, 2023
DIF Capital Partners invests in Canadian fiber platform RFNOW
DIF Capital Partners is pleased to announce that it has closed an investment in Canadian internet service provider RFNOW Inc. to fund the further growth of its telecommunications network. RFNOW currently provides enterprise fiber, residential fiber, fixed wireless internet and phone services over its 1,500 km fiber optic network and tower portfolio in Manitoba and Saskatchewan, Canada. DIF made the investment through its CIF III fund.
The company will enhance telecommunications services for residents, businesses, and public services. RFNOW’s high-speed fiber network will increase economic and societal opportunities to local communities in historically underserved areas.
This investment follows prior successfully developed fiber investments by DIF Capital Partners in rural Canada.
“This investment will provide immediate and long-term benefits to RFNOW customers and employees,” said Chris Kennedy, CEO of RFNOW. “We are extremely proud of what our team has accomplished to get us here. Now, with this new partnership, we are well-positioned to enhance our existing operations and accelerate investment in new communities and regions.”
Willem Jansonius, partner and Head of CIF at DIF Capital Partners commented: “RFNOW is offering a tremendously important internet service connecting relatively remote areas with its state-of-the-art fiber technology. The management has done a great job in bringing the company to where it is now and we are very much looking forward to growing it further together. The addition to our existing investments offers a gateway to unlock even bigger parts of Canada.”
DIF was advised by Agentis Capital, Davies Ward Phillips & Vineberg LLP, and KPMG in connection with this transaction.
About RFNOW Inc.
Founded in 2000, RFNOW Inc. is an independent internet service provider serving communities across Manitoba and Southeastern Saskatchewan. RFNOW specializes in the development, construction, and operation of fiber and wireless infrastructure. Based in Virden, Manitoba, RFNOW provides internet services to residential and commercial customers in more than 170 communities within 72 municipalities. The company provides high-speed internet and voice services to thousands of residential and business clients over a 1,500 kilometer network of owned fiber and tower portfolio. Today, RFNOW employs over 120 staff members and continues to grow and service more areas in Manitoba and Saskatchewan.
For more information, please visit www.rfnow.com.
About DIF Capital Partners
DIF Capital Partners is an infrastructure fund manager with more than EUR 17 billion of assets under management. DIF was founded in 2005 and has a leading position in managing mid-market investments, primarily in Europe and North America.
DIF follows two strategies: its traditional DIF funds invest in infrastructure projects and companies in the energy transition (incl. renewables) and utilities sector, as well as concessions. The firm’s CIF funds invest in companies with strong growth potential that are active in infrastructure sectors such as digital infrastructure, energy transition and sustainable transportation.
With a team of over 240 professionals in 12 offices, DIF offers a unique market approach combining global presence with the benefits of strong local networks and investment capabilities. DIF is located in Amsterdam, Frankfurt, Helsinki, London, Luxembourg, Madrid, Milan, New York, Paris, Santiago, Sydney and Toronto.
In September 2023, CVC, a leading global private markets manager, announced that it would be acquiring a majority stake in DIF Capital Partners. Closing of the transaction is subject to regulatory approvals and is expected in Q2 2024.
Contact DIF Capital Partners
Diederik Heinink, d.heinink@dif.eu