Trive Capital Sells EarthLink to Investor Consortium
The Dallas-based firm divests its interest in the internet provider to a group led by several major investment firms.
Updated on Oct. 28, 2026 in Business Strategy
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Trive Capital has sold EarthLink to a consortium of buyers including WaveDivision Capital, The Pritzker Organization, and Stephens Capital Partners. While relinquishing control, Trive Capital has opted to retain a minority stake in the long-standing internet service provider.
Why it matters
The deal signals a transition in ownership for the historic provider as it looks toward expansion into new markets. Trive Capital remains involved in the company's future trajectory through its continued minority equity position.
Trive Capital manages over $8 billion in assets and originally acquired EarthLink for $330 million in late 2018. The company now operates using a multi-carrier partner model that functions as a third-party seller for various internet providers.
The players
Trive Capital
A Dallas-based private equity firm that manages over $8 billion in assets and acquired EarthLink in 2018.
EarthLink
An internet service provider founded in 1994 that utilizes a multi-carrier partner model.
WaveDivision Capital
A Washington state-based investment firm that participated in the consortium to acquire EarthLink.
The Pritzker Organization
A Chicago-based investment firm and a member of the consortium that purchased EarthLink.
Stephens Capital Partners
An Arkansas-based investment firm that joined the consortium to acquire the internet service provider.
The details
EarthLink, which was founded in 1994, will now be under the ownership of the consortium as it targets further growth. The firm utilizes a unique business strategy, acting as an intermediary for other network providers rather than relying solely on proprietary infrastructure.
Timeline
EarthLink was founded in 1994.
Windstream Holdings acquired EarthLink in late 2016.
Trive Capital purchased EarthLink for $330 million in late 2018.
The sale of EarthLink to the consortium was announced in October 2026.
Market Landscape
The transaction follows the pattern of ownership changes established by the 2016 Windstream Holdings acquisition of EarthLink. This latest move marks a new chapter for the company as it shifts from a private equity-led model toward a consortium-backed expansion strategy.
Customers can expect the company to maintain its current multi-carrier model while pursuing expansion into new markets. The shift in ownership is not expected to cause immediate changes to existing service agreements or retail pricing for subscribers.
The takeaway
The acquisition by the investor consortium highlights the ongoing appeal of the multi-carrier resale model in the current telecommunications market. Investors should monitor how the new ownership structure influences the provider's ability to scale operations in its planned new markets.
Further reading
For additional context on corporate shifts, visit the Business Strategy section.
Source note: This article includes information reported by The Brunswick News.
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