Carlson Private Capital Partners has made its fifth investment, adding a Wisconsin rural broadband infrastructure company to its portfolio.

CPC Partners is the family office managing investments for the Carlsons and finalized its investment in Delavan, Wis.-based Millennium on Nov. 30. Terms of the deal, announced this week, were not disclosed.

"Carlson Private Capital is the perfect partner to take Millennium to the next level," James Kyle, Millennium's founder and chief executive, said in a statement. "The culture and vision of Carlson and Millennium are tightly aligned, and the long-term mindset at CPC sets them apart from a 'traditional' private equity firm."

Kyle founded Millennium in 2004 to distribute broadband equipment and provide services for broadband networks in rural communities. The 147-employee company now has more than 2,500 customers and annual revenue in excess of $200 million.

Millennium's rapid growth has been recognized by Inc. Magazine, making the Inc. 5000 list of the fastest growing private company seven times.

"They allow their customers to connect homes through fiber in some of those communities faster," said Andy Cantwell, CPC Partners' managing partner. "Rural broadband has always been a focus and they are really passionate about doing that."

Rural broadband was a focus for the federal infrastructure plan, with $65 billion devoted to improving access.

CPC Partners' investment strategy focuses on companies that might be looking for increased funding from private equity firms, strategic buyers or through an initial public offering. Typically, the long-term investment allows the founder to stay on and continue controlling the company's strategy and growth.

Millennium has a solid base of customers in Wisconsin, Minnesota, Indiana, Illinois and Iowa, Cantwell said, and is expanding toward the south and southeast, including rural areas in Tennessee, Florida and Texas.

"Our investment will help further accelerate the company's impressive growth and support Millennium's future expansion plans in new geographies with enhanced product and technology capabilities," Cantwell said.

CPC Partners' platform investments are varied, with three in Minnesota and one in Salt Lake City, in sectors from apparel to road construction equipment and e-commerce services. The firm also has made five other add-on acquisitions for its portfolio companies.