LiveOak Fiber Secures Additional Funding to Expand High-Speed Broadband Access

Business Wire

New Investment to Drive Expansion of Fiber Infrastructure to Underserved Communities

BRUNSWICK, Ga.--(BUSINESS WIRE)--
LiveOak Fiber (LiveOak), a regional broadband service provider founded in 2022, is pleased to announce it has secured additional funding through a co-investment partnership between InfraRed Capital Partners and MEAG, the Asset Manager of Munich Reinsurance Company (“Munich Re”) and its wholly owned direct and indirect subsidiaries (collectively, the “Munich Re Group”). This co-investment commitment has been granted to LiveOak for clients managed by MEAG. This new investment will further support LiveOak's mission to deliver high-speed broadband to underserved markets in the southeast United States.

Since its founding in June 2022, LiveOak Fiber has made significant strides in bridging the digital divide across Florida and Georgia. The company has already completed more than 50% of its planned network builds in Northwest Florida, signaling its commitment to expanding its reach. In total, it has deployed more than $200 million in investment and constructed over 1,000 miles of fiber.

"This additional funding reaffirms our commitment to the communities we serve," said Jody Craft, CEO of LiveOak Fiber. "We're not just building infrastructure; we're investing in the future of these communities across the region to enable economic growth and enhance the quality of life.”

The new investment builds upon LiveOak's recent success in securing $250 million in financing underwritten by J.P. Morgan. This combined financial backing will allow LiveOak to accelerate its expansion plans and reach more homes and businesses in need of reliable, high-speed Internet access.

LiveOak Fiber currently serves residential and business customers across five counties in Florida and Georgia, targeting areas that have historically seen limited investment in fiber infrastructure. The company's focus on these underserved markets aligns with its mission to provide essential connectivity to communities that need it most. As LiveOak Fiber moves forward with this expanded funding, the company remains dedicated to its core values of community investment and service excellence. Residents and businesses in LiveOak's service areas can look forward to increased access to ultra-fast broadband internet and advanced communications solutions in the near future.

To learn more about LiveOak Fiber’s network route and services, visit: www.liveoakfiber.com

About LiveOak Fiber:

LiveOak Fiber is a premier all-fiber broadband service provider, dedicated to providing lightning-fast and dependable connectivity to serve communities across Florida and Georgia. LiveOak’s commitment extends beyond connectivity; we invest in the regions we serve, enhancing quality of life and fostering economic development. Discover our ongoing efforts to transform communities at www.liveoakfiber.com, and connect with us on LinkedIn, X, and Facebook to stay updated on our progress.

About InfraRed Capital Partners

InfraRed Capital Partners is an international infrastructure asset manager, with more than 160 professionals operating worldwide from offices in London, Madrid, New York, Sydney and Seoul. Over the past 25 years, InfraRed has established itself as a highly successful developer and steward of infrastructure assets that play a vital role in supporting communities. InfraRed manages US$13bn of equity capital [1] for investors around the globe, in listed and private funds across both core and value-add strategies.

A long-term sustainability-led mindset is integral to how InfraRed operates as it aims to achieve lasting, positive impacts and deliver on its vision of Creating Better Futures. InfraRed has been a signatory of the Principles of Responsible Investment since 2011 and has achieved the highest possible PRI rating [2] for its infrastructure business for eight consecutive assessments, having secured a 5-star rating for the 2023 period [3]. It is also a member of the Net Zero Asset Manager’s Initiative and is a TCFD supporter.

InfraRed is part of SLC Management, the institutional alternatives and traditional asset management business of Sun Life. InfraRed represents the infrastructure equity arm of SLC Management, which also incorporates BGO, a global real estate investment management adviser, and Crescent Capital, a global alternative credit investment asset manager.

[1] $13bn equity under management (USD) – Uses 5-year average FX as at 31st March 2024 of GBP/USD of 1.2839; EUR/USD 1.1179. EUM is USD 12.927m.

[2] Principles for Responsible Investment (“PRI”) ratings are based on following a set of Principles, including incorporating ESG issues into investment analysis, decision-making processes and ownership policies. More information is available at https://www.unpri.org/about-the-pri

[3] In the 2023 Principles for Responsible Investment ("PRI") assessment, InfraRed achieved a 5 star rating for the Policy Governance and Strategy and Infrastructure and a 4 star rating for the newly created Confidence Building Measures. Please find InfraRed's report available for download on our website here: https://www.ircp.com/sustainability/

About MEAG

MEAG is the asset manager of Munich Re Group. MEAG consists of an affiliated group of entities in Europe, Asia and North America that offers its extensive know-how to institutional investors and private clients from outside the company group. MEAG, as a group, currently manages assets totalling approximately €345bn, €61bn of which is for third-party investors.

MEAG invests in alternative assets in the Americas on behalf of Munich Re Group and other non-US institutional investors. MEAG’s most recent infrastructure equity investments in the US comprise investments into renewables development platform Longroad Energy Holdings, various acquisitions via its parking platform Interpark and its water platform Nexus Water Group, as well as New York’s Astoria Energy Partners and Long Beach Container Terminal.

For more information, visit meag.com