Affluence Corporation announced the acquisition of 5 Stems Inc, a cell tower installation and network maintenance company. The deal is part of its move into the 5G infrastructure market. The news comes just a few weeks after Affluence Corporation said it was divesting its entertainment division interests.
“The 5 Stems Inc acquisition is the first of several planned acquisitions and is the building block to our growth strategy,” said Affluence CEO James Honan. He was recently appointed and is focused on 5G infrastructure businesses, including: fiber, tower construction and maintenance, base station installation and other complementary technologies.
“In addition to the revenue component that 5 Stems Inc. brings to the company, they also have several pending patent applications for innovative cell tower designs that will make it possible for multiple vendors to perform cell tower construction and maintenance at the same time and rapidly deploy 5G infrastructure and save time and money,” states the company. “Furthermore, 5 Stems Inc. has an aggressive wireless training program plan in which we can be a direct supply for the lack of 20k tower workers needed to build the estimated 800,000 cells needed [for] the 5G network.”
“We currently have 26 crews deployed and we have enough work this year for three times as many. The forecast for the next 10 years grows that number exponentially,” said 5 Stems Inc CEO Larry Jordan II.