Key Takeaways
- • Trive Capital, a Dallas-based private equity firm managing over $8 billion in assets according to its website, has closed the sale of internet provider EarthLink, with both parties announcing the deal in October 2026.
- • The buyer is a family office consortium including WaveDivision Capital (Washington state), The Pritzker Organization (Chicago, tied to the billionaire Pritzker family), and Stephens Capital Partners (Arkansas, serving the Stephens family).
- • Trive Capital retains a minority stake in EarthLink after the transaction, and the purchase price was not disclosed.
- • Trive bought EarthLink from Windstream Holdings for $330 million in late 2018, a figure that compares with the over $600 million valuation at which Windstream acquired EarthLink in late 2016.
- • The new owners plan to expand into new markets and grow reach among individuals and small businesses, according to CEO Glenn Goad.
Summary
Trive Capital, a Dallas-based private equity firm, has closed on a deal to sell the internet provider EarthLink, according to The Dallas Morning News. Both parties announced the transaction in October 2026, but the price was not disclosed.
The buyer is a family office consortium comprising WaveDivision Capital, a Washington state-based investment firm; The Pritzker Organization, the Chicago-based private investment firm tied to the billionaire Pritzker family; and Stephens Capital Partners, an Arkansas-based private equity firm that manages investments for the prominent Stephens family. Trive Capital will also retain a minority stake in the company.
Trive Capital acquired EarthLink from Windstream Holdings, an Arkansas-based telecom company, for $330 million in late 2018. Windstream had itself acquired the legacy internet company in late 2016 in a deal that valued EarthLink at over $600 million. Atlanta-based EarthLink, founded in 1994, once ranked as the country's second-largest internet provider behind AOL. The company now operates under what it describes as a "multi-carrier partner model," effectively acting as a third-party seller for other providers.
In a statement, EarthLink CEO Glenn Goad said the company had turned "one of the most trusted brands in the internet space" into a trusted option for consumers and small businesses nationwide over the last several years. Under its new owners, the company plans to expand into new markets and extend its reach with individuals and small businesses. "Our collective goal remains the same: to provide the right technology at the right price, supported by a world-class customer experience," Goad said.
Representatives for Trive Capital and WaveDivision did not immediately respond to inquiries from The Dallas Morning News. Trive Capital, based in Uptown Dallas, has investments ranging from aerospace firms to fitness companies.
The buyer is a family office consortium comprising WaveDivision Capital, a Washington state-based investment firm; The Pritzker Organization, the Chicago-based private investment firm tied to the billionaire Pritzker family; and Stephens Capital Partners, an Arkansas-based private equity firm that manages investments for the prominent Stephens family. Trive Capital will also retain a minority stake in the company.
Trive Capital acquired EarthLink from Windstream Holdings, an Arkansas-based telecom company, for $330 million in late 2018. Windstream had itself acquired the legacy internet company in late 2016 in a deal that valued EarthLink at over $600 million. Atlanta-based EarthLink, founded in 1994, once ranked as the country's second-largest internet provider behind AOL. The company now operates under what it describes as a "multi-carrier partner model," effectively acting as a third-party seller for other providers.
In a statement, EarthLink CEO Glenn Goad said the company had turned "one of the most trusted brands in the internet space" into a trusted option for consumers and small businesses nationwide over the last several years. Under its new owners, the company plans to expand into new markets and extend its reach with individuals and small businesses. "Our collective goal remains the same: to provide the right technology at the right price, supported by a world-class customer experience," Goad said.
Representatives for Trive Capital and WaveDivision did not immediately respond to inquiries from The Dallas Morning News. Trive Capital, based in Uptown Dallas, has investments ranging from aerospace firms to fitness companies.
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