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Trive Capital sells EarthLink to WaveDivision-led consortium

Trive Capital sells EarthLink to WaveDivision-led consortium

Money Moves

Consortium led by WaveDivision Capital buys the Atlanta internet provider after Trive's eight-year turnaround

Yesterday: Sale closes; Trive keeps minority stake

Overview

Updated 1 hour ago

EarthLink began in 1994 as a dial-up internet pioneer. Eight years ago, private equity firm Trive Capital bought its fading DSL and email consumer business for $320.9 million; on October 20, 2026, Trive closed the sale of the transformed company to a consortium led by WaveDivision Capital.

The buyers — WaveDivision, The Pritzker Organization, and Stephens Capital Partners — partnered with EarthLink's management, and Trive keeps a minority stake. New owners plan to push the fiber and 5G service into more markets, betting an asset-light reseller can compete nationally with carriers that own their own wires.

Why it matters

New owners plan to push EarthLink's fiber and 5G service into more markets, expanding broadband choice for millions of U.S. homes.

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Key Indicators

500,000+
Internet and managed services customers
Customers EarthLink serves nationwide at the time of the sale.
68M
Homes with fiber access via partnerships
Homes EarthLink can reach with fiber by reselling capacity from major network operators.
$320.9M
Price Trive paid in 2018
Cash Trive paid Windstream for the EarthLink consumer business, net of working capital adjustments.
11
States with owned fiber and fixed wireless networks
States where EarthLink owns infrastructure directly, plus Washington, D.C.

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People Involved

Organizations Involved

Timeline

1994 October 2026

10 events Latest: Yesterday
Tap a bar to jump to that date
  1. Sale closes; Trive keeps minority stake

    Latest Acquisition

    Trive Capital announces the closed sale of EarthLink to the WaveDivision-led consortium. Trive retains a significant minority stake and the new owners plan market expansion.

  2. WaveDivision-led group agrees to buy EarthLink

    Acquisition

    WaveDivision Capital, The Pritzker Organization and Stephens Capital Partners announce a deal with EarthLink's management to acquire the company. Terms are not disclosed.

  3. EarthLink acquires Nextera Communications

    Acquisition

    EarthLink buys the Minnesota provider, its fifth acquisition in 2023-2024.

  4. EarthLink acquires BroadAspect

    Acquisition

    EarthLink buys the Virginia provider as part of its 2023-2024 acquisition run.

  5. EarthLink acquires QX.net

    Acquisition

    EarthLink buys the Kentucky internet provider to extend its owned network footprint.

  6. EarthLink buys One Ring Networks

    Acquisition

    EarthLink acquires the Athens, Texas fiber provider, later adding Maryland's Telegia through it.

  7. Trive announces purchase; Goad named CEO

    Announcement

    Trive confirms the deal and appoints Glenn Goad, co-founder of nQue Technologies, as EarthLink's chief executive.

  8. Windstream sells consumer business to Trive

    Acquisition

    Windstream sells the former EarthLink consumer business to Trive Capital for $320.9 million in cash.

  9. Windstream completes EarthLink merger

    Merger

    Windstream Holdings merges with EarthLink Holdings, combining two telecom carriers.

  10. EarthLink founded in Atlanta

    Founding

    EarthLink begins as a dial-up internet provider and grows into a recognized consumer brand.

Scenarios

1

WaveDivision pushes EarthLink into new markets

Likely Resolves by End of 2027

Discussed by: EarthLink CEO Glenn Goad

Goad said the company plans to expand its footprint into new markets and bring its fiber and 5G offers to more consumers and small businesses. EarthLink already can reach 68 million homes with fiber through partners; adding markets would grow the customer base beyond 500,000.

2

EarthLink buys more regional internet providers

Uncertain Resolves by Q2 2028

Discussed by: Dealroom News

EarthLink built its owned networks in 11 states through five acquisitions in 2023 and 2024. The pattern suggests new owners could keep buying regional providers to extend owned coverage and reduce reliance on resold capacity.

3

Trive sells its remaining EarthLink stake

Possible Resolves by End of 2028

Discussed by: Deal terms per Weil and the sale announcement

Trive retains a significant minority stake in EarthLink after the sale. A full exit at a higher valuation would complete Trive's eight-year investment cycle and signal the transformation achieved its goal.

Historical Context

2 moments from history that rhyme with this story — and how they unfolded.

February 2017 to December 2018

Windstream-EarthLink merger and sale (2017-2018)

Windstream Holdings merged with EarthLink Holdings in February 2017, then sold the combined consumer business to Trive Capital for $320.9 million in cash on December 31, 2018. The business still sold DSL, premium email, web hosting and security products to more than 600,000 customers.

Then

Trive brought in Glenn Goad as EarthLink's chief executive and began shifting the company from legacy DSL to fiber and 5G resale.

Now

The transformation created the asset-light platform that Trive sold in October 2026.

Why this matters now

EarthLink has now changed hands twice in eight years, each time at a different stage of the same shift from owned dial-up and DSL networks to resold fiber and 5G capacity.

1994 to 2010s

The dial-up era's decline (1994-2010s)

EarthLink was founded in 1994, when most Americans reached the internet through dial-up connections sold by independent ISPs. The company became one of the best-known consumer internet brands of the era.

Then

The spread of faster cable and fiber broadband eroded dial-up and DSL services, pushing EarthLink's legacy business into decline.

Now

Declining DSL and email revenue forced EarthLink into its 2017 merger with Windstream.

Why this matters now

EarthLink's arc — from dial-up pioneer to twice-sold asset — shows how internet access shifted from standalone ISPs to a utility delivered over physical networks owned by others.

Sources

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