Netomnia, a provider of full fibre broadband infrastructure, and internet service provider YouFibre (collectively, the “Group”) have secured £295 million in new funding led by DigitalBridge Investment Management (“DigitalBridge”), the investment management platform of DigitalBridge Group, Inc. (NYSE: DBRG). DigitalBridge’s equity investment will come alongside follow-on commitments from existing shareholders Soho Square Capital LLP and Advencap Limited.
Founded by CEO Jeremy Chelot, who has a strong track record in the full fibre network sector, Netomnia is committed to delivering a multi-gigabit broadband network across the UK. The Group has achieved more than 130,000 premises passed since rollout commenced in 2020. Working in partnership with major UK construction companies, the Group has a lean and scalable operating model that enables it to achieve swift deployment.
Chelot said: “We are thrilled to partner with DigitalBridge and benefit from their support and industry expertise as we work towards our target of one million premises passed in the next two years. We are scaling rapidly and aim to play an active role in unleashing the UK’s digital potential by delivering the benefits that come with multi-gigabit fibre broadband.”
Manjari Govada, Principal at DigitalBridge said: “We have known Jeremy for several years and are excited to partner with him in scaling the Group into a premier fibre-to-the-premises (FTTP) provider in the UK. We have been highly impressed with the growth of the business and the best-in-class team he has assembled.”
The transaction is expected to close in the second quarter of 2022, subject to regulatory approvals and customary closing conditions.
Vinson & Elkins L.L.P. served as legal counsel to DigitalBridge and Stephenson Harwood LLP advised The Group and the existing shareholders in connection with the transaction. The Group was advised by independent investment bank Greenhill.