Vero Raises $500M to Accelerate Fiber Buildout, M&A

VFN Holdings, Inc. (Vero), a fiber infrastructure and broadband provider, has closed a $500 million non-control growth equity investment led by funds managed by Hamilton Lane, Braemont Capital and Delta-v Capital. 

The capital will fund expansion of Vero’s fiber-to-the-premise (FTTP) and wholesale fiber networks, while supporting strategic acquisitions across both new and existing U.S. markets. 

“We are thrilled to announce this financing, which will enable Vero to build new fiber infrastructure to data centers, homes, schools, cell towers and businesses,” said Matt Erickson, CEO of Vero Networks. “Further, we will continue to be on the lookout for attractive acquisitions, all while we consistently deliver high-quality service to our customers.” 

As part of the transaction, Brent Burnett, Head of Infrastructure and Real Assets, and Peter Udbye, Principal of Infrastructure and Real Assets at Hamilton Lane, along with Wali Bacdayan, Partner at Braemont Capital, will join Vero’s board. Rand Lewis, Managing Partner at Delta-v Capital, will remain on the board. 

Bank Street Group advised Vero on the transaction, with Hogan Lovells, Cruz-Abrams Seigel and Morgan Lewis serving as legal and regulatory counsel. DLA Piper advised the investor group.