M/C Partners, a Boston-based communications and technology services-focused private equity firm, announced yesterday that it has closed on an equity investment in TowerCom, LLC, a Jacksonville, FL-based communications tower developer. M/C’s initial investment and additional future commitment will allow TowerCom to continue to execute on its robust new tower build plan on behalf of national and regional wireless carriers.
“As wireless carriers expand their 5G footprints and nationwide coverage with mid and high band spectrum, the industry, and TowerCom, should see strong co-location prospects in the coming years,” said Rad Lovett, Chairman and Chief Executive Officer of TowerCom. “Our exceptional team of operating partners and the strength of our go-to-market approach, coupled with this latest round of funding from M/C, positions us well to capitalize on our platform to drive our next phase of growth.”
“With its experienced team, long track record of building and operating towers across the country, and strong carrier relationships, TowerCom is well-positioned to continue its recent momentum and make an even bigger impact in this space,” said Brian Clark, Managing Partner at M/C Partners. “Our investment in TowerCom gives us the unique opportunity to partner with a proven tower developer that brings visibility into a scaled portfolio of towers as carriers ramp up spending on their 5G deployments in a critical investment cycle for the wireless communications industry.”
Abhishek Rampuria, Vice President at M/C Partners, added, “Our investment in TowerCom builds on M/C’s long and successful heritage of investing in the wireless industry. The TowerCom team has built a best-in-class tower development platform and we are excited to begin this partnership and support the next chapter in the TowerCom story.”
As TowerCom’s primary financial investor, M/C Partners will contribute its extensive experience in the communications and technology services markets. M/C has been a leading investor in this sector for more than three decades, having previously invested in Lightower, Zayo, MetroPCS, Connectivity Wireless and others. Legal counsel for M/C Partners was provided by Sidley Austin LLP and Fox Rothschild LLP.