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Trive Capital (“Trive”), the Dallas-based based private equity firm, is excited to announce that its portfolio company, EarthLink, LLC (“EarthLink” or the “Company”), has been recapitalized with a new credit facility provided by an affiliate of Cerberus Business Finance, LLC. Proceeds from the transaction were used to refinance existing debt and fund a dividend to EarthLink’s shareholders. The transaction marks an important milestone for the Company, validating the completion of Trive and management’s turnaround following their carve-out of EarthLink from Windstream Holdings, Inc. in December 2018.
Conner Searcy, Managing Partner at Trive, commented, “Trive is committed both to realizing returns of capital for our limited partners early in our investment hold periods and to providing the capital and operational support necessary for our portfolio companies to grow and realize their full potential.”
Shravan Thadani, Managing Director at Trive, added, “EarthLink’s ability to attract a new lending partner into the business is a testament to the hard work of and collaborative partnership between Trive and the Company’s management team, who, in two short years, have carved out and turned around the business, creating an exciting growth story for employees and investors.”
About EarthLink
Founded in 1994 and headquartered in Atlanta, GA, EarthLink offers high-speed internet access, premium email, web hosting, and privacy and data security products and services to approximately 800,000 customers throughout the United States. EarthLink also has key partner relationships with several of the nation’s largest providers, enabling the Company to offer products and connectivity services available to millions of households nationwide.