Private equity fund Vantage Capital has injected $30 million financing into Surfline Communications to fund the firm’s on-going expansion of its 4G LTE network in Ghana.
The financing will also enable Surfline, the first mobile telecoms operator to pioneer a 4G LTE network in Ghana, to grow its product distribution and marketing network.
“Vantage provided us with growth capital in a shareholder-friendly structure that we required to expand the business by supplementing the existing financing in place.” said John Taylor, Surfline’s Executive Chairman.
By deploying the first 4G LTE mobile network, Surfline is able to offer high-speed internet connectivity that is up to 10 times faster than the average speeds offered by the existing mobile network operators at competitive rates.
The company is also able to rapidly roll-out its services across its coverage area because its network does not rely on the limited fixed line telecommunications infrastructure in Ghana.
“We are delighted to announce that we have made our third investment outside of South Africa. Over the last five years, Vantage has reviewed over 600 investment opportunities and we consider Surfline to be one of the most exciting deals we have seen,” said Luc Albinski, Vantage Managing Partner.
Albinski added the investment in Surfline is in line with Vantage’s pan-African strategy of focusing on high-growth African markets such as Ghana, Nigeria, the East African Community members and some of the Southern African Development Community (SADC) countries.
Surfline was established to provide wireless broadband and related services to the Ghanaian market, including meeting the emergent and largely unfulfilled data needs of Ghana’s businesses, government agencies, professional and academic communities and residential users.
Surfline is Vantage’s second investment in Ghana after its $18.5 million commitment to Genser Energy, an independent power producer that is currently commissioning a 30 MW power plant.