Skyway Towers locations from company website
Basalt Infrastructure Partners LLC (“Basalt”) announced that the third flagship Basalt fund (“Basalt III”) has acquired Skyway Towers, LLC (“Skyway”) from Tinicum L.P. and affiliated entities (“Tinicum”).
Skyway is a nationwide telecommunications infrastructure developer that owns and operates multi-tenant communications towers across the United States. The company’s existing portfolio consists of over 400 high quality communications towers spanning 30 states, according to a company press release.
“We are thrilled to work with the Skyway management team to continue the Company’s current growth trajectory and best-in-class operations,” stated David Greenblatt, Partner of Basalt. “We believe the Skyway platform is best positioned to support the provision of mission critical infrastructure serving national carriers, enabling wireless connectivity across the U.S.”
“This transaction was consummated as part of our long-term plan and to enhance our existing solid financial structure to accelerate growth,” said Scott Behuniak, President & COO of Skyway. “The Skyway team is looking forward to growing our existing portfolio for years to come.”
“The sale of Skyway culminates our productive 17-year partnership with the Skyway management team. We are grateful to them for being quintessential partners and for the tremendous job they have done since 2005, building a reputation and business that are recognized as the best in the industry. We congratulate them on an excellent outcome and wish them continued success in the future,” added Trip Zedlitz, Partner of Tinicum.
In November 2005, Tinicum partnered with industry executives and Permit Capital to found Skyway Towers Holdings I, LLC. Over seven years, Skyway I built or acquired 318 towers. In December 2012, after divesting the Skyway I portfolio, Tinicum partnered with the same group to continue pursuing the same tower development strategy through Skyway Towers Holdings II, LLC. From 2012 to 2022, Skyway II built more than 420 towers.
The transaction is Basalt’s first digital infrastructure investment in North America and represents the eighth investment by Basalt III. The terms of the transaction are not being disclosed.
TD Securities (USA) LLC served as exclusive financial adviser to Basalt III and Latham & Watkins LLP served as its legal adviser.
Houlihan Lokey served as exclusive financial advisor and Fredrikson & Byron, P.A. served as legal advisor to Skyway.
