Enterprise fiberco Everstream Solutions is working with Bank Street Group and PJT Partners on a sale process, said sources familiar with the matter.

Confidential information memorandum materials were distributed to the market in mid-September, some of the sources said, with one adding that the company and its advisors several weeks ago began speaking with interested parties comprising infrastructure funds and strategics.

The company is being marketed on an annualized 2Q25 run-rate EBITDA of roughly USD 50m, one of the sources said.

The financially challenged company has also been selling assets piecemeal, raising cash to keep the company from technical default. On 1 October, communications firm Segra had announced it acquired fiber assets from Everstream in the St. Louis metro area.

The company is now in advanced discussions to sell its fiber-optic network assets in the Chicago area to communications company Midwest Fiber Networks, some of the sources said. Those separate asset sales have been ongoing since earlier this year. However, Everstream’s creditors, at some point before the broader auction process kicked off, had a role in a decision to remove certain assets from sale.

The Cleveland company’s executives could turn to a restructuring process as the business has not financially performed for its shareholder, InfraBridge, one of the sources said.

PJT, which advised Everstream on its St. Louis asset sale, is a noted restructuring and special situations consultancy firm.

This is Everstream’s second attempt at a broader sale of the entire company. Former CEO Brett Lindsey and the company’s shareholder, then known as AMP Capital, worked with Goldman Sachs on an auction in mid-2021 with telco UPN and financial sponsor Palistar Capital – then called Melody Investment Advisors – making competing bids for the company.

However, that fall Everstream pulled the sale, a process that succumbed to differences over valuation. In early 2022, company executives were able to tap more than USD 1bn in debt to refinance its facilities and provide for growth capital. And then, in 2023, AMP Capital sold its North America infrastructure equity business to DigitalBridge Group, which renamed the GP to InfraBridge.

Other companies in InfraBridge’s portfolio have sought sales: Data center firm Expedient – which fairly recently decided to opt for a refi and debt raise instead of an outright sale – and intermodal logistics company ConGlobal.

Early this year, at the behest of Everstream’s creditors, DigitalBridge invested a USD 100m equity facility into the company to prevent a technical default. Since then, the company has raised cash through asset sales and is now seeking a new owner.

PJT, InfraBridge and DigitalBridge declined to comment. Everstream, Bank St. and Midwest Fiber did not respond to requests for comment.