InSite Wireless Group, LLC (InSite) today announced that Macquarie Infrastructure Partners III (“MIP III”)—as part of an initial investment of approximately $280 million—has acquired a 42.5% equity interest in the company from Catalyst Investors II, L.P. and other minority investors. MIP III has also committed to additional future investments to promote InSite’s continued growth.
InSite owns, operates, and manages wireless telecommunications tower site facilities and distributed antenna systems (DAS) across the United States, Puerto Rico, U.S. Virgin Islands, Canada, and Australia. InSite will continue to be led by its existing management team headed by co-founders David E. Weisman, President and CEO, and Lance C. Cawley, CFO. Cox Enterprises—and several of its subsidiaries—and Catalyst Investors IV, L.P. will continue to be investors in InSite.
Weisman describes the new partnership as groundbreaking. “The MIP III 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. Having MIP III join our current institutional investors—Catalyst Investors and Cox—is a giant step forward toward an exciting future for InSite.”
InSite is the nation’s sixth largest tower owner.
“We are very pleased to become a major investor in InSite,” said Karl Kuchel, Chief Executive Officer of Macquarie Infrastructure Partners Inc. “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.”
“We believe that wireless infrastructure represents an attractive area for long-term investment,” said Pat Esser, President of Cox Communications. “We are excited to welcome MIP III 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.”
“It has been a privilege to be a part of InSite’s tremendous growth and success over the last six years. David and his team delivered an exceptional return on our initial investment. We are thrilled to continue as an investor and as a partner with Macquarie Infrastructure Partners and Cox,” said Todd Clapp, Partner with Catalyst Investors.
The purchase was closed effective July 29, 2016. Evercore served as financial advisor to InSite and Lowenstein Sandler LLP and Sullivan and Worcester LLP provided legal counsel. Guggenheim Securities served as financial advisor to MIP III and White & Case LLP provided legal counsel.