Macquarie Infrastructure Partners now holds a 42.5 percent equity interest in InSite Wireless as part of an initial investment of $280 million.
The deal, which shifted over equity from Catalyst and other minority investors, will also see Macquarie commit to future investments to “promote InSite’s continued growth.” The transaction closed on July 29.
InSite owns and operates cell tower site facilities and distributed antenna systems (DAS) in the U.S., Puerto Rico, U.S. Virgin Islands, Canada and Australia. The company’s management team, headed up by co-founders David Weisman, president and CEO, and Lance Cawley, CFO of Cox Enterprises, along with Catalyst, will continue to be investors in InSite.
“The [Macquarie] investment in InSite represents a significant growth opportunity for us. We’re delighted to partner with an experienced investor that has such a keen understanding of the wireless telecommunications infrastructure space,” Weisman said in a statement.
“The company has an experienced management team that has delivered strong growth over many years. We look forward to partnering with this team, Cox, and Catalyst to support InSite’s future growth,” said Karl Kuchel, CEO of Macquarie, in the statement.
“We believe that wireless infrastructure represents an attractive area for long-term investment,” said Pat Esser, president of Cox Communications, in the statement. “We are excited to welcome [Macquarie] as an investor and believe that InSite has emerged from this transaction as a truly unique provider in the industry, well-positioned for long-term strategic growth.”
The increased investment in InSite Wireless comes after the group had a busy M&A schedule in 2015. Last year in June, InSite bought several DAS from Capital Tower and, in April, InSite bought 294 towers from CTI.
For more:
- read the Catalyst release
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InSite Wireless Group acquires distributed antenna systems from Capital Tower Group