Grain Management has confirmed it will buy a majority stake in Michigan-based ISP 123Net.

Private equity firm Grain did not disclose the financial details of the acquisition, but said that the 123Net leadership team will remain in their current roles.

Founded in 1995, 123Net provides fiber, Internet, colocation, and business voice services across Michigan.

The company's network spans 3,100 miles and consists of long haul and dense metro fiber network in Michigan’s largest cities, as well as the ninth-busiest Internet exchange in North America.

"123Net’s operations have continuously grown through a series of strategic investments that ultimately created one of the Midwest’s largest and most significant telecom enterprises,” said Dan Irvin, 123Net CEO. 

“Grain is a sophisticated investor that shares our values and unwavering commitment to best-in-class service for Michigan businesses and communities. Together, our capable teams and combined resources will better enable us to serve current customers while attracting new opportunities, including expanding our high-density, AI-capable data centers and pursuing BEAD funding to improve affordable, reliable connectivity to unserved and underserved areas.”

Earlier this month, Grain provided a strategic investment in tower company Phoenix Tower International (PTI).