Greystar, a global leader in rental housing, investment management, development, and property management, today announced an equity recapitalization of Zentro Internet, the largest private, multifamily-focused internet service provider in the United States, serving customers living in more than 120,000 apartment units in more than 20 cities, in support of the company’s strategic growth initiatives.
Greystar’s Infrastructure team led the deal with participation from StepStone Group and other global institutional capital partners to support Zentro’s balance sheet and to target future organic and M&A growth initiatives.
“The investment in Zentro is a clear example of Greystar Infrastructure’s focus on partnering with experienced management teams to deploy capital in businesses with defensive infrastructure attributes that we believe will offer cash flow expansion, while also benefiting the modern living experience for residents,” said David Blackford, Senior Managing Director of Greystar Infrastructure.
The Zentro opportunity reflects Greystar Infrastructure’s thesis that long-term growth in data creation and digital connectivity will continue to enhance the value of infrastructure that supports high-bandwidth access in population centers and residential communities.
Michael Hoverman, Executive Director of Greystar Infrastructure added, "We are grateful for the opportunity to partner with StepStone and with M|C Partners to help support the goal of growth for Zentro's business, a market leader in the provision of reliable, high-bandwidth internet service to multifamily property owners and tenants across the U.S."
M|C Partners will maintain a strategic position in Zentro’s ownership.
“Zentro is a great example of the M|C playbook – investing in attractive businesses in niche markets, recruiting exceptional management teams, and scaling those businesses into industry-leading platforms,” said Ryan Carr, Managing Partner at M|C Partners. “We are excited to continue supporting Zentro’s growth alongside Greystar Infrastructure and the company’s management team as Zentro expands its position as the nation’s leading independent MDU internet provider.”
“We view this as a strong endorsement of our market, technology, our employees and the company by seasoned capital partners,” said Doug Gilstrap, CEO of Zentro Internet. “I want to thank M|C Partners for their collaborative partnership since 2022, and welcome Greystar’s Infrastructure team and StepStone to Zentro. This capital will fuel geographic expansion of our network, customer base, and team — all while maintaining the local service quality of one national platform.”
About M|C Partners
M|C Partners is a digital infrastructure and technology services specialist applying a thesis-driven approach to investing in businesses that provide mission-critical services in markets supported by durable tailwinds. With 40 years of history, more than $3 billion in capital raised, and over 150 investments completed, M|C Partners brings deep sector expertise and a proven track record of scaling businesses into industry-leading platforms.