TowerNorth, an independent developer, owner and operator of mission critical wireless infrastructure in the United States, secured additional growth capital from Berkshire Partners and closed a new debt facility.
The additional capital strengthens TowerNorth’s financial flexibility and will support the company’s continued expansion as demand for wireless connectivity and network capacity drives investment in communications infrastructure. TowerNorth plans to deploy the capital across its multiple avenues for growth, including build-to-suit and strategic tower development, developer partnerships and selective acquisitions.
“TowerNorth has always been focused on disciplined development and being a dependable partner to our customers,” Bert Stern, CEO of TowerNorth, said. “The additional capital gives us greater flexibility to continue executing our strategy, investing in our platform and supporting carriers as their networks and capacity needs evolve. We value Berkshire’s continued support and the industry experience they bring to our partnership.”
Drew Walker, managing director at Berkshire Partners, added, “TowerNorth is a strong example of what we look for in digital infrastructure: mission-critical assets, compelling long-term demand fundamentals and a management team with the expertise and discipline to build at scale. Since our initial investment, Bert and his team have meaningfully expanded the platform while maintaining a rigorous, engineering-led approach to development. We are pleased to invest additional capital in TowerNorth and to continue supporting its next phase of growth.”
Kirkland & Ellis and Croke Fairchild Duarte & Beres served as legal advisors and Guggenheim Securities served as a financial advisor. Financial terms of the transactions were not disclosed.
