BAIN CAPITAL invests in Eaton Fiber
Context
Bain Capital and Tillman Global Holdings announce a 1.5 billion dollar investment in Eaton Fiber, a wholesale fiber infrastructure platform, to accelerate the expansion of Verizon fiber broadband across the United States. The transaction, led by Bain Capital's Special Situations team, fully funds the acquisition of Ripple Fiber and the next phase of Eaton Fiber's network expansion. In connection with this transaction, Eaton Fiber acquires Ripple Fiber, a 100% fiber-optic network operator based in Charlotte, North Carolina, serving hundreds of thousands of homes and businesses across 10 states and nearly 300 municipalities. Verizon will also acquire Ripple Fiber's existing customers, who will transition to Verizon's fiber broadband platform following closing, as well as a small portion of Ripple Fiber's network adjacent to Verizon's existing footprint in North and South Carolina. The investment builds on the commercial agreement between Verizon and Eaton Fiber announced in October 2025. Eaton Fiber funds, builds, maintains, and operates the network, while Verizon serves as the exclusive retail provider for residential and small business fiber services. This transaction positions Eaton Fiber to bring Verizon fiber broadband to over one million locations outside Verizon's current fiber footprint through organic construction and disciplined acquisitions.
Previously, Eaton Fiber had completed the acquisition of Fibrebond in 2025 as part of its consolidation strategy.
Eaton Fiber, which reported an EBITDA margin of in 2026, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the TMT (Tech, Media, Telecom) sector (15.1x).
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Target
Founded in 2021 and headquartered in Charlotte, North Carolina, Ripple Fiber is an open-access fiber-to-the-home (FTTH) network builder and regional internet service provider. The company plans, constructs, and manages pure fiber-optic distribution systems engineered to deliver symmetrical broadband connectivity without utilizing legacy copper or hybrid coax infrastructure. Its high-capacity network architecture supports transmission speeds up to 10 Gbps, ensuring low latency and consistent throughput for high-bandwidth residential usage and enterprise operations. Strategically, the enterprise focuses its construction footprint on suburban communities, mid-tier municipalities, and high-growth residential corridors that lack modern high-speed broadband alternatives. Ripple Fiber handles the full delivery lifecycle across outside plant engineering, aerial and underground trenching, optical line termination, customer premises equipment installation, and ongoing field surveillance. The business delivers dedicated, high-availability digital connections tailored to suburban households, residential developers, and localized small business commercial users.
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Press release: view release
Target: eaton fiber
Acquirer: bain capital