telMAX, an independent Canadian provider of 100% fiber internet, TV and phone services, has secured $215 million in growth financing to accelerate the expansion of its fiber network across Ontario.
The financing consists of a $105 million structured investment from funds managed by Hamilton Lane and a $110 million expansion of telMAX’s existing credit facility provided by Power Sustainable Infrastructure Credit, Palistar Capital and MidStar Capital.
The combined transactions provide telMAX with more than $200 million of new growth capital and represent one of the larger growth financings secured by an independent Canadian digital infrastructure provider, according to the company.
telMAX plans to use the capital to accelerate construction of its fiber-to-the-home network, expand its workforce and extend service into additional communities across the Greater Toronto Area.
Since its previous financing round in 2025, telMAX has expanded into Markham, Barrie and Oakville while continuing to build infrastructure in Brooklin, Stouffville, Newmarket, Aurora and Richmond Hill.
The company will now push further into the western GTA, with planned expansion into Burlington, Brampton and Mississauga. telMAX said the buildout could bring its fiber network within reach of hundreds of thousands of additional homes and businesses.
Hamilton Lane joins telMAX as a new institutional investor through the $105 million structured investment.
Power Sustainable, which provided telMAX with a senior secured credit facility in 2025, is increasing its commitment alongside new financing partners Palistar Capital and MidStar Capital.
The financing reflects growing institutional interest in digital infrastructure as businesses and households demand greater bandwidth, lower latency and more reliable connectivity.
Unlike providers that rely heavily on legacy telecommunications infrastructure, telMAX designs, builds and operates its own end-to-end fiber-to-the-home network.
The company said the new capital will support a network designed for increasingly bandwidth-intensive applications, including AI-related workloads and other emerging digital services.
telMAX is headquartered in the Greater Toronto Area and provides residential and business customers with internet, television and phone services. Its existing network spans communities including Barrie, Brooklin, Stouffville, Newmarket, Aurora, Markham, Oakville and Richmond Hill.
Support: The company was advised on the financing by the investment banking firm Bank Street Group. telMAX said the additional capital is intended to support its longer-term ambition of becoming Canada’s leading independent fiber internet provider.
KEY QUOTES:
“telMAX was built on a simple belief: communities should not have to settle for outdated legacy internet options. This investment gives us the capital needed to move even faster on the next stage of our growth plan which expands our delivery of the reliable, high-performance fibre service that Canadians increasingly expect and deserve. We are excited to welcome Hamilton Lane as a new partner in the next chapter of the telMAX story, and we are appreciative of Power Sustainable’s continued support as they double down on our vision.”
Michael Strople, CEO of telMAX
“We believe telMAX represents a compelling opportunity to invest in a business with in-place infrastructure, significant growth prospects, an experienced management team and a path to create long-term value by connecting more communities to critical digital infrastructure.”
Taylor McManus, Principal at Hamilton Lane
“Reliable digital connectivity is essential infrastructure for growing communities and businesses. telMAX has demonstrated a differentiated approach to building and operating high-quality fibre infrastructure, combining disciplined execution with a clear focus on the communities and customers it serves.”
Ben Shenwick, Principal at Power Sustainable Infrastructure Credit
“telMAX has built a distinguished fiber platform with attractive underlying markets and a clear opportunity to continue scaling its network. We are pleased to partner with Power Sustainable to provide additional capital for the company’s next phase of growth.”
Carras Holmstead, Investment Partner at Palistar Capital
