Carlson Family Office Backs Rural Broadband Company Millennium


Carlson Private Capital Partners expands its portfolio and makes its fifth investment with the addition of the Wisconsin-based broadband company.

CPC Partners is the family office that manages investments of the Carlson’s and it has finalized its investment in Millennium on November 30th, with no disclosure on the terms of the deal.

“Carlson Private Capital is the perfect partner to take Millennium to the next level,” said James Kyle, chief executive and founder of Millennium. “The culture and vision of Carlson and Millennium are tightly aligned, and the long-term mindset at CPC sets them apart from a ‘traditional’ private equity firm,” he added.

Kyle founded Millennium in 2004 with the intent to distribute broadband equipment and provide broadband network in rural communities. The company has around 147 employees, more than 2500 customers, and an annual revenue of above $200 million.

Millennium’s rapid growth has not gone unnoticed by Inc. Magazine, where it has made it into the list of the top 5000 fastest-growing private companies seven times.

“They allow their customers to connect homes through fiber in some of those communities faster,” said Andy Cantwell, managing partner at CPC Partners’.  “Rural broadband has always been a focus and they are really passionate about doing that,” he added.

The federal infrastructure plan has devoted $65 billion to focus on rural broadband access.

CPC Partner’s investment strategy relies on companies that that are looking for increased funding from strategic buyers, private equity firms, or an initial public offering. Usually, long-term investments involve allowing the founder to stay and control the company’s growth and strategy.

According to Cantwell, Millennium has a concrete base of customers in Wisconsin, Indiana, Illinois, Minnesota, and Iowa. However, the company is expanding towards the south and southeast, as well as, rural areas, such as Florida, Texas, and Tennessee.

“Our investment will help further accelerate the company’s impressive growth and support Millennium’s future expansion plans in new geographies with enhanced product and technology capabilities,” said Cantwell.

The family office’s platform investments vary, with three being in Minnesota, and the other in Salt Lake City, in sectors such as e-commerce services, road construction, and apparel. CPC Partner’s has also made five other add-on investments for its portfolio companies.

Carlson family investment firm backs Wisconsin rural broadband company’– Patrick Kennedy, Star Tribune

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