US colocation provider DC Blox has got $187 million in long-term financing from Post Road Group and Bain Capital.
The operator will use the money to refinance its existing credit facilities, add liquidity to DC Blox's balance sheet, and provide money to invest in new and extended capacity.
The company builds new facilities to Tier III specifications, connected to a private network across the Southeastern United States - and will use the investment to keep developing mid-market and Edge multi-tenant data center solutions.
DC Blox focuses on underserved growing cities: In February 21, it announced a 1MW expansion in Birmingham Alabama, which it opened in 2019, built in a former steel mill. Prior to that, it opened a 10MW data center in Hunstville Alabama, and also has facilities in Chattanooga, TN, and one due to open soon in Greenville, South Carolina. The data centers are linked by a private carrier-grade mesh-network.
“This financing would have not been possible without the efforts of our team and represents a significant milestone for the company. The trust and partnership we have developed with the teams at Post Road Group and now with Bain Capital Credit are instrumental to our continued growth plans,” commented Jeff Uphues, CEO of DC Blox.
“This capital will be immediately deployed to support growth in our existing facilities and accelerate the expansion of our Tier III-designed interconnected data center platforms in other markets throughout the Southeastern United States,” said Kevin O’Donnell, chief financial officer.
“Edge computing, storage, and connectivity aggregation points are increasingly pushing outside of major metropolitan areas, and DC Blox is well-positioned to capitalize on this expansion and deliver a state-of-the-art data center network to smaller markets,” said Brian Hirschfeld, a managing director at Bain Capital Credit.
This takes DC Blox's funding total since 2016 to $285 million.