Fiber-optics operator ALLO Communications is working with Goldman Sachs on a minority stake sale process, said sources familiar with the matter.

The auction is in the early stages, having not launched yet.

The Nebraska-headquartered company has closed on several capital raises in the last nine years that have funded its buildout in parts of the US West and South.

ALLO, founded in 2003 by current CEO and President Brad Moline, was initially funded with outside money by technology and educational solutions company Nelnet in 2015 taking a 92.5% stake. Five years later, digital infra investor SDC Capital Partners acquired a 48% stake for USD 197m. As part of the SDC deal, Nelnet and ALLO management retained 45% and 7% interests in the company, respectively.

Moline has maintained his investment in the company through these various agreements, according to ALLO’s website.

In the ensuing years, ALLO borrowed a term loan from Guggenheim Investments, tapped into the ABS market with a USD 576m facility and then secured a USD 240m term loan from a bank syndicate that is due to mature in November 2026, according to data compiled by Infralogic.

The company is noted for its high take-rates in certain markets and ability to build networks quickly, said other sources familiar with ALLO.

Company executives focus on residential and enterprise markets.

ALLO is the 39th largest fiber-optics provider in the US, operating primarily in Nebraska, according to industry data provider Broadbandnow.

The company controls networks in Arizona, Colorado and Missouri as well, according to ALLO’s website.

The company offers internet, TV, voice and other services through its fiber networks.

Goldman declined to comment. ALLO, SDC and Nelnet did not respond to requests for comment.