M&A Deal Summary

SBA Communications Acquires Pegasus Tower Development Co.

On December 4, 2012, SBA Communications acquired communications company Pegasus Tower Development Co. from Primus Capital, Peppertree Capital and Cornerstone Holdings

Acquisition Highlights
  • This is SBA Communications’ 8th transaction in the Communications sector.
  • This is SBA Communications’ 9th transaction in the United States.
  • This is SBA Communications’ 1st transaction in Virginia.

M&A Deal Summary

Date 2012-12-04
Target Pegasus Tower Development Co.
Sector Communications
Buyer(s) SBA Communications
Sellers(s) Primus Capital
Peppertree Capital
Cornerstone Holdings
Deal Type Add-on Acquisition

Target

Pegasus Tower Development Co.

Tazewell, Virginia, United States
Pegasus Tower Development Co. LLC is a wireless infrastructure management and development services company.

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Buyer(S) 1

Buyer

SBA Communications

Boca Raton, Florida, United States

Category Company
Sector Communications
Employees1,720
Revenue 2.7B USD (2024)
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. SBA Communications is based in Boca Raton, Florida.


DEAL STATS #
Overall 9 of 10
Sector: Communications M&A 8 of 9
Type: Add-on Acquisition M&A Deals 5 of 5
State: Virginia M&A 1 of 1
Country: United States M&A 9 of 10
Year: 2012 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-06-26 TowerCo - 3 252 Towers

United States

TowerCo - 3,252 Tower sites in 47 states across the U.S. and Puerto Rico.

Buy $1.5B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-04-21 Municipal Communication - Cellular Towers

Atlanta, Georgia, United States

Buy -

Seller(S) 3

SELLER

Primus Capital

Cleveland, Ohio, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1983
PE ASSETS 900M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Primus Capital is a private equity firm focused on investing in established companies in the business services, healthcare and education industry sectors. Primus looks for established, high-growth companies with strong management and predictable/recurring revenues. The Firm will consider both control and minority positions and has a target investment size of $15 to $70 million. Prospective transaction types include growth equity financings, recapitalizations, and management-led buyouts. Primus Capital was formed in 1983 and is based in Cleveland, Ohio.


DEAL STATS #
Overall 18 of 47
Sector: Communications M&A 3 of 4
Type: Add-on Acquisition M&A Deals 10 of 29
State: Virginia M&A 1 of 1
Country: United States M&A 17 of 46
Year: 2012 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-10-26 Athersys

Cleveland, Ohio, United States

Athersys is a clinical-stage bio-pharmaceutical company, discovery and development of therapeutic products in various disease areas. Athersys was founded in 1995 and is based in Cleveland, Ohio.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-12-19 CardinalCommerce

Mentor, Ohio, United States

CardinalCommerce Corp. is an e-commerce payment authentication provider. It enable friction-free, technology-neutral authentication and alternative payment services (including digital wallets and mobile commerce services).

Buy -
SELLER

Peppertree Capital

Chagrin Falls, Ohio, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2003
PE ASSETS 600M USD
Size Mega
Type Sector Focused
DESCRIPTION

Peppertree Capital is a private equity firm that targets investments in mid to large-sized wireless telecommunication infrastructure companies. Peppertree focuses on growing companies with recurring, predictable cash-flows, and led by management with proven track records. Specific areas of interest include communication rooftop developers, fiber network operators, and related real estate projects. Target transaction types include buyouts, recapitalizations and growth capital financings. Peppertree Capital was formed in 2003 and is based in Chagrin Falls, Ohio.


DEAL STATS #
Overall 8 of 10
Sector: Communications M&A 5 of 6
Type: Add-on Acquisition M&A Deals 5 of 6
State: Virginia M&A 1 of 1
Country: United States M&A 8 of 10
Year: 2012 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-08-27 TMW Systems

Mayfield Heights, Ohio, United States

TMW Systems, Inc. is a provider of software to the trucking industry. TMW Systems develops enterprise management software for the surface transportation services industry, including logistics, trucking, and heavy-duty repair and maintenance.

Sell $335M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-04-11 Lightower Fiber Networks

Boxborough, Massachusetts, United States

Lightower Fiber Networks LLC is a fiber network and broadband service provider in the Northeast, offering over 4,600 fiber route miles coupled with comprehensive transport, alternative access, and nationwide long haul services.

Buy $2.0B
SELLER

Cornerstone Holdings

Denver, Colorado, United States

Investor Investor Investor Investor


Category Family Office
Size Small
Type Sector Agnostic
DESCRIPTION

Cornerstone Holdings is a family backed private investment firm focused on direct company investments as well as real estate opportunities. Within its direct investment practice, Cornerstone generally targets growth oriented companies with $2 to $40 million of sales and $1 to $5 million of EBITDA. The Firm's target investment size is $4 to $15 million. Cornerstone prefers prefers majority equity ownership positions or outright control when investing. Prospective transaction situation includes recapitalizations, LBOs, MBOs, and growth capital financings. Cornerstone Holdings is based in Denver, Colorado.


DEAL STATS #
Overall 7 of 8
Sector: Communications M&A 1 of 1
Type: Add-on Acquisition M&A Deals 5 of 6
State: Virginia M&A 1 of 1
Country: United States M&A 7 of 8
Year: 2012 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-10-25 ITG Investment Research

New York, New York, United States

ITG Investment Research LLC is a provider of big data analytics and research to institutional, corporate, private equity and venture capital clients, focused broadly on the consumer, technology, media and telecom and macro-economic sectors.

Sell $56M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-14 CreditSights

New York, New York, United States

CreditSights is an independent research provider. The Company's mission is to provide value added input that helps clients make prudent and profitable investment and risk management decisions consistent with their risk profiles.

Sell -