Macquarie Infrastructure Partners III Invests $280 Million in InSite Wireless Group, LLC
Aug 2, 2016
New capital to spur continued growth for one of the largest privately-owned wireless telecommunications infrastructure companies in the U.S.
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 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.
Mr. 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.”
“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.”
The purchase agreement was signed by the parties on July 1, 2016. The transaction was subject to customary regulatory approvals and closing conditions, and was closed effective July 29, 2016.
Read the full press release on PR Web http://www.prweb.com/releases/2016/08/prweb13588519.htm.