PITTSBURGH, Jan. 23, 2019 /PRNewswire/ -- Everest
Infrastructure Partners today announced the acquisition by EIP
Holdings I, LLC, an investment vehicle associated with Barings LLC,
of nearly 100 wireless tower assets from Norwalk, Connecticut-based Frontier
Communications Corporation (NASDAQ: FTR). The acquisition includes
towers located in 17 states throughout the U.S., with significant
tower concentrations in Connecticut, New
York, and California.
"Everest is pleased to have been selected by Frontier to acquire
these high-quality tower assets in attractive markets, providing us
with the scale to better serve our customers," said Mike Mackey, President of Everest. "We look
forward to providing our customers, as well as Frontier, with
best-in-class service at these locations."
"The Everest team was tremendous to work with throughout this
complex transaction. They have demonstrated a high level of
capability and service, and we believe they will continue to
provide exceptional infrastructure leasing services to our
collective customers going forward," said Jim Campbell, Group Vice President, Facilities
and Real Estate Services for Frontier.
The Frontier towers include numerous valuable locations in
terrain and zoning challenged environments. The towers are also
adjacent to Frontier's Central Office facilities ("CO's") in many
locations, providing easy access to transport services. "These
sites have substantial capacity for additional tenants and are in
optimal locations for the anticipated demands of 5G services. Many
of these CO's are centrally located in major urban markets in the
Northeast, as well as small and medium-sized communities on the
West Coast," said Mackey. "The towers offer easy access to
high-quality backhaul through Frontier, in areas with few
alternatives for additional macro site installations."
This is the eighth tower portfolio acquisition completed by
Everest in the past two years. The transaction increases its
current portfolio to nearly 300 tower sites in more than 40 states
and makes Everest one of the largest private tower companies in the
U.S. "The acquisition of towers and carrier customers from
Frontier is a substantial increase in our footprint of tower
locations, as well as our customer activity with all of the
national wireless operators," said Matt
Newton, CEO of Everest. "We are seeing tremendous growth
across our tower portfolio as mobile operators continue to densify
their networks and plan for new advanced services such as 5G. The
portfolio of towers acquired from Frontier will add substantial
value to our customers in these markets."
Everest Infrastructure Partners is headquartered in Pittsburgh, Pennsylvania with development and
tower operations based in Boston.
"We work to meet the demands of all wireless service providers,
specializing in the development of new towers in tough permitting
and construction environments," said Chris
Davis, President of U.S. Towers for Everest. "The tower
assets acquired from Frontier are a tremendous complement to our
existing portfolio. We are positioned to offer national and
regional mobile carriers, government entities, utilities and other
wireless users high-quality tower sites coast to coast, and to
develop new sites when suitable infrastructure does not exist."
Everest completed the acquisition of the Frontier towers through
an affiliated entity, EIP Holdings I, LLC. EIP Holdings is owned by
clients and accounts managed by Barings.
MVP Capital and Cushman & Wakefield's Stamford, CT office represented Frontier
Communications in this transaction.
About Everest Infrastructure Partners
Everest Infrastructure Partners is a privately-owned operator of
Communications Infrastructure assets including wireless
communications towers, rooftop locations, tower ground leases, and
indoor wireless systems. Everest provides infrastructure to all
major wireless operators and operates communications tower assets
in more than 40 states throughout the U.S.
For more information,
visit www.everestinfrastructure.com
About Frontier Communications
Frontier Communications Corporation (NASDAQ: FTR) is a leader in
providing communications services to urban, suburban, and rural
communities in 29 states. Frontier offers a variety of services to
residential customers over its fiberoptic and copper networks,
including video, high-speed internet, advanced voice, and Frontier
Secure® digital protection solutions. Frontier Business™ offers
communications solutions to small, medium, and enterprise
businesses.
For more information, visit www.frontier.com
About Barings
Barings is a $303+ billion* global financial services firm
dedicated to meeting the evolving investment and capital needs of
our clients and customers. Through active asset management and
direct origination, we provide innovative solutions and access to
differentiated opportunities across public and private capital
markets. A subsidiary of MassMutual, Barings maintains a
strong global presence with business and investment professionals
located across North America,
Europe and Asia Pacific. Learn more at
www.barings.com
*As of December 31, 2018
Contact: Rachel White,
980-428-3539, Rachel.white@barings.com
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SOURCE Barings