Broadband Infrastructure Inc., the parent company for Carolina Underground Solutions LLC and Absolute Technology LLC of Greer, is being recapitalized with a $3.5 million deal from Coastal Carolina National Bank of Greenville.
Carolina Underground was recognized last July by SC Biz News as one the fastest growing companies in South Carolina. This recapitalization by Coastal Carolina Bank will keep that momentum going, the company chief said in a news release.
“Twenty in ‘20 is our motto,” Brad Cunningham, CEO of Broadband Infrastructure, said in the news release. “We are targeting $20 million of top-line for year 2020 and that will be about a 90% growth rate.”
He said the company grew 100% in 2019 because of a large demand for broadband infrastructure, mostly by telecom-related companies, as the country moves toward 5G technology.
“The genie is out of the bottle on bandwidth demand, streaming and 5G,” Cunningham said in the news release. “The future of telecom, industrial and automotive autonomy, and public expectations with their streaming devices, will ride on the fiber optics and specific indoor and outdoor infrastructure that we provide. The timing is excellent, and we’re appreciative of the support CCNB provides.”