M&A Deal Summary

Peppertree Capital Acquires TowerCo.

On December 14, 2018, private equity firm Peppertree Capital acquired infrastructure company TowerCo. from Tailwind, Vulcan Capital and Altpoint Capital Partners

Acquisition Highlights
  • This is Peppertree Capital’s 1st transaction in the Infrastructure sector.
  • This is Peppertree Capital’s 19th transaction in the United States.
  • This is Peppertree Capital’s 1st transaction in North Carolina.

M&A Deal Summary

Date 2018-12-14
Target TowerCo.
Sector Infrastructure
Buyer(s) Peppertree Capital
Sellers(s) Tailwind
Vulcan Capital
Altpoint Capital Partners
Deal Type Secondary Buyout

Target

TowerCo.

Cary, North Carolina, United States
TowerCo. LLC develops and owns wireless communications towers and leases the towers' capacity to communications service providers. In addition to leasing towers, the company also markets and manages third-party towers for regional carriers.

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Buyer(S) 1

Buyer

Peppertree Capital

Chagrin Falls, Ohio, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2003
PE ASSETS 4.8B USD
Size Large
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 19 of 19
Sector (Infrastructure) 1 of 1
Type (Secondary Buyout) 1 of 1
State (North Carolina) 1 of 1
Country (United States) 19 of 19
Year (2018) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-07-18 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.

Sell $7.1B

Seller(S) 3

SELLER

Tailwind

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2003
PE ASSETS 3.7B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Tailwind is an independent private equity firm focused on making control investments in companies operating in the healthcare, media/communications, and business services sectors. Tailwind looks to invest $25 to $200 million in profitable businesses valued above $500 million. The Firm seeks companies with proven business models and strong opportunities for growth, either organically or through acquisition. Tailwind Capital was formed in 2003 and is based in New York, New York.


DEAL STATS #
Overall 18 of 33
Sector (Infrastructure) 1 of 1
Type (Secondary Buyout) 6 of 13
State (North Carolina) 1 of 1
Country (United States) 18 of 33
Year (2018) 8 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-29 National HME

Richland Hills, Texas, United States

National HME is a provider of outsourced medical equipment management solutions to the hospice market. National HME delivers medical equipment to hospice caregivers either directly through its full-service locations or through its credentialed network of local providers. The company also provides consolidated ordering and invoicing as well as data on utilization, cost trends, and network management for reporting and analytics. National HME was formed in 2006 and is based in Richland Hills, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-16 RANDYS

Everett, Washington, United States

RANDYS is an automotive aftermarket provider of highly engineered components under the Yukon and USA Standard brands. The company's main product categories include differentials, ring & pinion, and axle products that are generally used to improve the towing and/or traction performance of a vehicle. RANDYS was founded in 1982 and is based in Everett, Washington.

Buy -
SELLER

Vulcan Capital

Seattle, Washington, United States

Investor


Category Family Office
Founded 1986
Size Mega
Type Sector Agnostic
DESCRIPTION

Vulcan Capital is the private investment group of Vulcan Inc., the organization founded by Paul G. Allen to manage his personal and professional endeavors. Vulcan Capital looks to invest at all company stages and will consider opportunities across an array of industries. Sectors of interest include business services, consumer products, distribution and logistics, energy and natural resources, financial services and insurance, healthcare, manufacturing, media, technology, and telecom. The Firm's target investment size is $10 to $100 million. In addition to direct investing, Vulcan Capital also makes fund investments as well as invests in public securities. Vulcan Inc. was formed in 1986 and has offices in Seattle, Washington and Palo Alto, California.


DEAL STATS #
Overall 28 of 29
Sector (Infrastructure) 1 of 1
Type (Secondary Buyout) 3 of 3
State (North Carolina) 2 of 2
Country (United States) 26 of 27
Year (2018) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-26 Epic Games

Cary, North Carolina, United States

Epic Games is a publisher of interactive games and developer of the software platforms used for game development and high-end graphics rendering. Epic Games was founded in 1991 and is based in Cary, North Carolina.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-02 4INFO

San Jose, California, United States

4INFO, Inc. is an identity and media solutions company, solving the digital and TV convergence. 4INFO's platform powers people-based marketing with its patented Bullseye ID®— a persistent, accurate match key that maps consumers to all of their connected devices in a household as well as to valuable consumer data, including CRM data —without compromising privacy. 4INFO provides customers superior match rates for their data, which allows them to use it at scale for both advertising and marketing purposes. 4INFO, Inc. was established in 2004 and is based in San Jose, California.

Sell -
SELLER

Altpoint Capital Partners

New York, New York, United States

Investor Investor


Category Growth Capital Firm
Founded 2009
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Altpoint Capital Partners is a private equity firm focused on making equity investments in established companies with significant potential for growth and profit improvement. Altpoint looks to invest $25 to $150 million in companies valued from $100 to $500 million. Areas of interest include industrial, consumer, business services, financial services, telecommunications, healthcare, and energy. Prospective transaction situations include non-core divestitures, family-run businesses, 'good companies' with overleveraged balance sheets, and restructurings. Altpoint Capital was formed in 2009 and is based in New York City.


DEAL STATS #
Overall 3 of 5
Sector (Infrastructure) 1 of 1
Type (Secondary Buyout) 2 of 2
State (North Carolina) 1 of 1
Country (United States) 3 of 5
Year (2018) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-01-10 Anaraq Holdings

Arizona, United States

Anaraq Holdings LLC is an operator of a payments technology company and payment processing industry acquisition platform serving as a growth capital partner for ISO groups and companies focused on payment technologies. Anaraq Holdings is based in Arizona.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-07 ByteGrid Holdings

Annapolis, Maryland, United States

ByteGrid Holdings LLC provide organizations in both regulated and nonregulated industries with modern, scalable and secure IT infrastructure solutions so their teams can stay focused on the core business.

Sell -