Everest Infrastructure Partners, Inc. (“Everest”) and TowerCo (“TowerCo”) have jointly announced the acquisition of 546 wireless towers from Charter Communications, Inc. (“Charter”) to be completed over multiple closings starting in December 2023.
The wireless tower assets included in this transaction are located in 37 states throughout the U.S. and collectively represent one of the largest portfolio transactions of tower assets in the U.S. during the past 10 years. In addition to financial value for the sale of towers, Charter will receive existing and future tower-use rights across the nationwide tower portfolios of Everest and TowerCo. Charter will also continue to serve as the Preferred Fiber Provider to applicable tower sites included in the transaction.
“Both Everest and TowerCo are incredibly pleased to have been selected by Charter for this transaction,” said Mike Mackey,” President of Everest. “We believe these tower assets are high-quality complements to our existing portfolios and we look forward to expanding the network coverage of our customers with increased leasing activities in the future.” Todd Boyer, Chief Executive Officer of TowerCo, added “we are excited to acquire these attractive, strategically located assets while expanding TowerCo’s national footprint. We look forward to maximizing the value of these assets, providing exceptional wireless connectivity solutions for our customers, and a productive relationship with Charter as we assume ownership and operations of the towers.”
Everest Infrastructure Partners and TowerCo are each supported by lead equity sponsor, Peppertree Capital Management. Houlihan Lokey served as financial advisor to Charter on the transaction. Thompson Hine LLP acted as external legal counsel on behalf of Everest Infrastructure Partners and TowerCo.
About Everest Infrastructure Partners
Wireless connectivity is rapidly changing the world. Utilizing a data-driven approach, Everest has developed one of the largest and most efficient aggregation platforms focused exclusively on Wireless Infrastructure assets. We are a creative and entrepreneurial team, with a culture of high performance, agility, and commitment. Our Vision is to become the global partner of choice for wireless infrastructure assets. To achieve this vision, we embrace technology evolution to deliver exceptional value to our network provider customers, their wireless communications users, and all participants in the growth of mobile infrastructure networks. Owning or marketing more than 2,500 communications tower sites in the United States, Australia, New Zealand, and Portugal, Everest has raised capital commitments of more than $1.5 billion since its inception in 2015, making it one of the wireless industry’s fastest growing and largest private tower companies.
More information about Everest can be found at http://everestinfrastructure.com
Founded in 2004, TowerCo is a wireless infrastructure company that builds, owns and manages communication towers and properties. The company offers build-to-suit and colocation to bridge the gap between carriers, landlords and municipalities with infrastructure that makes communication better for individuals and communities. TowerCo owns, builds and manages a portfolio of communication towers and properties for colocation, including over 6,000 land and rooftop assets and over 1,300 owned and managed towers. The company has extensive experience working with wireless carriers, state agencies, municipalities, schools and private landowners.
More information about TowerCo can be found at https://towerco.com/
About Peppertree Capital Management, Inc.
Peppertree Capital Management, Inc. is a private equity firm focused on making investments in growing communication infrastructure companies, both in the United States and internationally. Areas of interest include towers, fiber, DAS, spectrum, small cells and real estate related to its areas of focus. Peppertree was formed in 2004 and is currently investing out of its tenth equity fund and an evergreen debt fund. Peppertree has more than $6.0 billion under management and has made more than 140 investments in communication infrastructure companies in 12 countries.
More information about Peppertree can be found at https://peppertreecapital.com