Andean Tower Partners has acquired Torres Unidas, an owner and operator of communication towers in South America. The sellers included Berkshire Partners. No financial terms were disclosed.
BOSTON–(BUSINESS WIRE)–Berkshire Partners, a Boston-based investment firm, announced today that Torres Unidas (“TU”), a leading independent owner and operator of communication towers in South America, was acquired by Andean Tower Partners. Daniel Seiner, CEO of TU, will be CEO of the combined company. Terms of the transaction were not disclosed.
“We are grateful for Berkshire’s support from the beginning,” said Daniel Seiner. “Berkshire’s experience in the tower and communications infrastructure sector was instrumental in building the business and establishing TU as a leading tower platform in the Andean region. We have appreciated the opportunity to partner with Berkshire to build TU over the years and we remain excited about the growth prospects for the combined business going forward.”
With more than two decades of experience investing in the wireless tower industry, Berkshire Partners formed TU in September 2012, along with founding shareholder and coinvestor Torrecom Cayman, L.P. Through a combination of strategic acquisitions and build-to-suit agreements with leading carriers, TU grew its portfolio to more than 1,500 wireless towers over the course of Berkshire’s investment. Additionally, the company achieved significant colocation activity across its portfolio, helping carriers efficiently expand their networks while reducing the need for redundant infrastructure.
“Daniel and his team established a portfolio of high-quality wireless communications infrastructure assets from the ground up throughout Chile, Colombia and Peru,” said Beth Hoffman, a Managing Director at Berkshire Partners. “We are proud of the impressive growth achieved by TU and wish the team continued success.”
PJT Partners acted as exclusive financial advisor to the sellers and Weil, Gotshal & Manges LLP provided legal counsel. Greenberg Traurig LLP provided legal counsel to the company’s management.
About Berkshire Partners
Berkshire Partners, a Boston-based investment firm, has raised nine private equity funds with more than $16 billion in aggregate capital and has made over 120 investments in primarily middle market companies since its founding in 1986. Berkshire has developed specific industry experience in several areas including communications, consumer products and retail, business services, industrials and healthcare. Berkshire has a strong history of partnering with management teams to grow the companies in which it invests with the goal of consistently achieving superior investment returns. Other investments in the communications sector have included Lightower, Crown Castle and Telx. The firm is currently investing from Berkshire Fund IX, a $5.5 billion fund raised in 2016. The firm seeks to invest $50 million to $500 million of capital in each portfolio company. For additional information, visit www.berkshirepartners.com.