M&A Deal Summary

SBA Communications Acquires AAT Communications

On April 1, 2006, SBA Communications acquired communications company AAT Communications from Cequel III, Sandler Capital Management, Charterhouse Strategic Partners and Sweetwater Capital Group for 1.0B USD

Acquisition Highlights
  • This is SBA Communications’ 1st transaction in the Communications sector.
  • This is SBA Communications’ 2nd largest (disclosed) transaction.
  • This is SBA Communications’ 1st transaction in the United States.
  • This is SBA Communications’ 1st transaction in Florida.

M&A Deal Summary

Date 2006-04-01
Target AAT Communications
Sector Communications
Buyer(s) SBA Communications
Sellers(s) Cequel III
Sandler Capital Management
Charterhouse Strategic Partners
Sweetwater Capital Group
Deal Type Add-on Acquisition
Deal Value 1.0B USD

Target

AAT Communications

Boca Raton, Florida, United States
website
AAT Communications LLC is a provider of wireless tower sites, serving major wireless carriers and a premier group of site-management clients.

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Buyer(S) 1

Buyer

SBA Communications

Boca Raton, Florida, United States

website


Category Company
Sector Communications
Employees1,483
Revenue 2.1B USD (2020)
DESCRIPTION
SBA corporate headquarters in Boca Raton, Florida.
SBA corporate headquarters in Boca Raton, Florida.

SBA Communications is an owner and operator of wireless communications infrastructure.


DEAL STATS #
Overall 1 of 10
Sector (Communications) 1 of 9
Type (Add-on Acquisition) 1 of 5
State (Florida) 1 of 3
Country (United States) 1 of 10
Year (2006) 1 of 2
Size (of disclosed) 2 of 4
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-04-27 SBA Site Management

Boca Raton, Florida, United States

SBA Site Management LLC is a provider of tower sites for wireless communications industries.

Buy -

Seller(S) 4

SELLER

Cequel III

St. Louis, Missouri, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2002
Size Small
Type Sector Agnostic
DESCRIPTION

Cequel III LLC is a specialist investment and management firm focused on the development of cable and telecommunications companies. Cequel was formed in 2002 and is based in St. Louis, Missouri.


DEAL STATS #
Overall 1 of 7
Sector (Communications) 1 of 3
Type (Add-on Acquisition) 1 of 5
State (Florida) 1 of 1
Country (United States) 1 of 7
Year (2006) 1 of 1
Size (of disclosed) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2003-06-13 Broadwing Communications

Austin, United States

Broadwing Communications. In June 2003, Cequel III partnered with the former Corvis Corporation to acquire Broadwing and its nationwide all-optical network from Cincinnati Bell. Subsequently, Cequel III turned over management responsibilities to Broadwing's executive team, while maintaining a relationship with the company for the provision of longhaul voice, video, and data services to Suddenlink. Broadwing was acquired by Level 3 Communications in 2007.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-07-07 Cebridge Connections Holdings

Saint Louis, Missouri, United States

Cebridge Connections Holdings, LLC (d/b/a Suddenlink) (“Cebridge”) is a major U.S. cable broadband provider, supporting the information, communication and entertainment demands of approximately 1.3 million customers in North Carolina, West Virginia, Missouri, Arkansas, Louisiana, Texas, Oklahoma and California.

Buy -
SELLER

Sandler Capital Management

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Asset Manager
Founded 1990
PE ASSETS 1.6B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Sandler Capital Management is a private investment firm that manages both hedge funds and private equity funds. Sandler's private equity practice was established in 1990, which targets investments in the media, communications, entertainment and marketing/information services sectors. Sandler will consider minority or majority positions and has a target investment size of $5 to $60 million per transaction. Sandler Capital is based in New York City.


DEAL STATS #
Overall 4 of 10
Sector (Communications) 3 of 5
Type (Add-on Acquisition) 3 of 8
State (Florida) 1 of 2
Country (United States) 3 of 9
Year (2006) 1 of 2
Size (of disclosed) 5 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-11-21 Discover Media

New York, New York, United States

Discover Media LLC is a provider of science magazines, covering new technologies, medical breakthroughs and other scientific fields.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-05-18 Nuera Communications

Somerset, New Jersey, United States

Nuera Communications - a provider of Voice-over-Internet Protocol (VoIP) infrastructure solutions.

Sell $85M
SELLER

Charterhouse Strategic Partners

Summit, New Jersey, United States

website


Category Private Equity Firm
Founded 1973
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Charterhouse Strategic Partners is a private equity firm that targets investments in middle market companies located throughout North America. Charterhouse typically pursues companies valued between $25 and $150 million, however the firm will also consider new platform companies valued less than $50 million if there is the possibility for rapid expansion (organic or through acquisitions). Target companies generally possess highly motivated management with a proven track record, scalable business models, sustainable competitive advantages (brand recognition/proprietary products), and a leading position in a growing market. Broad sectors of interest include business services, healthcare services, consumer products, and consumer services. Charterhouse was founded in 1973 and is based in Summit, New Jersey.


DEAL STATS #
Overall 2 of 16
Sector (Communications) 1 of 3
Type (Add-on Acquisition) 1 of 8
State (Florida) 2 of 2
Country (United States) 2 of 15
Year (2006) 1 of 2
Size (of disclosed) 3 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-11-29 Towne Holdings

South Bend, Indiana, United States

Towne Holdings, Inc. is a full-service provider of premium air cargo ground logistics transportation services.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-04-10 Camelot Education

East Dripping Springs, Texas, United States

Camelot Education is a provider of services to youth and adolescent populations in both the behavioral health and education markets. Camelot conducts its operations through residential treatment facilities, therapeutic day schools and alternative education and community-based programs.

Buy -
DESCRIPTION

Sweetwater Capital Group is a private equity firm focused on investing in and acquiring service based businesses with recurring revenue streams. Specific areas of interest include businesses which provide critical infrastructure to the internet and to wireless communications networks. Sweetwater looks to invest $3 to $15 million per transaction and will consider opportunities throughout the US. Sweetwater Capital was formed in 2002 and is based in Red Bank, New Jersey.


DEAL STATS #
Overall 1 of 3
Sector (Communications) 1 of 3
Type (Add-on Acquisition) 1 of 3
State (Florida) 1 of 1
Country (United States) 1 of 3
Year (2006) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2002-05-01 AAT Communications

Boca Raton, Florida, United States

AAT Communications LLC is a provider of wireless tower sites, serving major wireless carriers and a premier group of site-management clients.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-04-21 NewPath Networks

Seattle, Washington, United States

NewPath Networks is a wireless infrastructure company that designs, develops and operates fiber-fed wireless carrier networks using a distributed antenna architecture to improve signal strength and network capacity.

Buy -