Lit Communities, a Birmingham, AL-based provider of a solution for building broadband infrastructure in communities of all sizes, received a $150m primary capital commitment from Oak Hill Capital.
Lit’s existing shareholders, including Stephens Capital Partners, The Pritzker Organization and the Lit management team, are all remaining shareholders and plan to continue to support the business going forward.
The company will use the funds to further fund and accelerate the construction of its fiber-based network in unserved and underserved communities across the United States.
Founded in 2019 and led by Brian Snider, Chief Executive Officer, Lit leverages public-private partnerships with local governments and municipalities to build and operate last-mile fiber networks. Its networks also support a wide variety of other services in addition to internet, including but not limited to voice, telehealth, home security, home automation, small cell, DAS, and wireless backhaul, and public safety applications.
The company now has networks in place, under construction or in planning in Ohio, Pennsylvania, and Texas.