Trive Capital said it has closed the sale of EarthLink, LLC to a family office consortium consisting of WaveDivision Capital, The Pritzker Organization, and Stephens Capital Partners, in partnership with EarthLink’s management team, according to PR Newswire (https://www.prnewswire.com/news-releases/trive-capital-announces-sale-of-earthlink-302914673.html). The announcement was issued from Dallas on Oct. 20, 2026, according to PR Newswire (https://www.prnewswire.com/news-releases/trive-capital-announces-sale-of-earthlink-302914673.html).
Buyers and structure
Trive Capital identified the buyer group as a family office consortium consisting of WaveDivision Capital, The Pritzker Organization, and Stephens Capital Partners, and said the transaction is being done in partnership with EarthLink’s management team, according to PR Newswire (https://www.prnewswire.com/news-releases/trive-capital-announces-sale-of-earthlink-302914673.html). Trive Capital referred to WaveDivision Capital as “Wave,” The Pritzker Organization as “TPO,” and Stephens Capital Partners as “SCP” in the announcement.
EarthLink footprint and network claims
EarthLink is headquartered in Atlanta, Georgia, according to the announcement. Trive Capital described EarthLink as “one of the largest internet service providers in the United States,” and said the company serves over 500,000 internet and managed services customers nationwide.
Trive Capital said that, through partnerships with “several of the nation’s largest fiber and 5G providers,” EarthLink has built an “asset-light, nationwide network” that can offer fiber internet service to more than 68 million homes. The company said EarthLink offers fiber and 5G internet solutions for homes and businesses nationwide and positions its service around “dependable connectivity, flexible plans, and customer-focused service.”
Trive’s ownership period and management commentary
Trive Capital said it invested in EarthLink in 2018 as part of a corporate carveout and described EarthLink’s business shift during that period. Trive Capital said EarthLink transformed from “a legacy DSL and email business in precipitous decline” to “an asset-light connectivity platform” serving over 500,000 consumers and small businesses nationwide.
Shravan Thadani, a Partner at Trive, said in the announcement that “EarthLink has been a true partnership between management and Trive,” and that the team “built a differentiated, asset-light platform” while “standing up every function of the platform outside of its former, public parent.” Thadani also said Trive is “proud to have been a part of such an iconic brand’s journey” and will “continue to support Wave, TPO and SCP as they work with management to accelerate growth in the coming years.”
Glenn Goad, Chief Executive Officer of EarthLink, said that “during our partnership with Trive, we have taken one of the most trusted brands in the internet space and turned it into a trusted option for consumers and small businesses nationwide.” Goad also said EarthLink has “a renewed focus on making it easier for our customers to access the best internet options at affordable prices,” and described Trive as “critically important through and after the carve-out.” Goad said EarthLink is “excited to partner with Wave, TPO and SCP to continue to grow EarthLink alongside our trusted fiber and 5G partners,” and said the collective goal “remains the same: to provide the right technology at the right price, supported by a world-class customer experience.”
Trive Capital AUM and strategy
Trive Capital described itself as a Dallas, Texas-based private equity firm with more than $8 billion of regulatory assets under management. Trive Capital said it focuses on investing equity and debt in what it sees as “strategically viable middle-market companies” with the potential for “transformational upside through operational improvement.”
Trive Capital said its team is comprised of investment professionals who have been involved in over 250 middle-market transactions representing in excess of $10 billion in revenue across Trive’s targeted industry sectors and situations.
(Industry context: PR Newswire is a press release distribution service used by companies to publish transaction announcements and corporate updates.)
