GI Partners, a private investment firm with assets under management totaling $35 billion, has acquired Rise Broadband, a broadband services company across 16 states.

Based in Englewood, Colo., Rise Broadband is a fixed wireless internet service provider serving primarily rural communities. Jim O’Brien, chief executive officer, and the current executive team will continue leading Rise Broadband.

“We are excited to partner with Jim O’Brien and the Rise team to execute a multi-year, fiber-based network expansion effort,” comments Brendan Scollans, managing director and co-head of GI Data Infrastructure. “Rise’s existing network infrastructure is uniquely positioned to execute a fiber expansion effort that will provide rural communities with next-generation broadband service.”

Barclays acted as financial advisor to Rise Broadband and Bryan Cave Leighton Paisner acted as legal counsel. Stifel acted as financial advisor to GI Partners and Simpson Thacher & Bartlett acted as legal counsel.