Macquarie Asset Management has made a preferred equity investment in Pavlov Media Inc., one of the largest independent providers of fiber-based Internet connectivity to off-campus student housing in the United States. Financial terms were not disclosed.
Headquartered in Champaign, Ill., Pavlov Media primarily provides broadband services to multi-dwelling units (MDUs) under bulk agreements with MDU landlords. The company currently focuses on off-campus student housing and serves approximately 800 MDU buildings, which have more than 275,000 beds, across more than 150 markets in the United States and Canada. Pavlov Media connects these buildings to its national backbone through its owned last-mile fiber network or third-party circuits.
Pavlov Media specializes in private networks designed, built and operated by a team of dedicated professionals from the multifamily real estate industry.
Macquarie’s investment will allow Pavlov Media to continue the construction of fiber infrastructure in existing and new markets, expand the company’s MDU market presence and accelerate Pavlov Media’s fiber-to-the-home initiatives, which are focused on locations around its core markets.
“We believe that the combination of Pavlov Media’s highly contracted base business and its significant growth potential represents a unique opportunity to invest in the rapidly growing consumer fiber sector,” said Karl Kuchel, CEO of Macquarie Infrastructure Partners. “We look forward to partnering with the Pavlov Media management team to support the future growth of the business."