Lit Communities, a Birmingham-based firm specializing in broadband infrastructure development for communities of all sizes, has secured a $150 million primary capital investment from Oak Hill Capital. Current shareholders, such as Stephens Capital Partners, The Pritzker Organization, and the Lit management team, will maintain their stakes and continue to support the business.
The funding will be utilized to expedite the construction of Lit’s fiber-based networks in underserved and unserved communities across the United States. Founded in 2019 by CEO Brian Snider, Lit collaborates with local governments and municipalities through public-private partnerships to build and manage last-mile fiber networks. In addition to internet services, Lit’s networks support a range of other applications, such as voice, telehealth, home security, home automation, small cell, DAS, wireless backhaul, and public safety.
Lit Communities currently has networks operating or under construction in Ohio, Pennsylvania, and Texas, as well as others in the planning stage.