InSite Wireless Group, an owner and operator of wireless communication tower site facilities and distributed antenna systems , has raised an undisclosed amount of private equity funding from Catalyst Investors.
InSite Wireless Group, LLC, owner, operator and manager of wireless communication tower site facilities and distributed antenna systems (“DAS”), today announced that it has received funding from Catalyst Investors, a New York-based growth private equity firm. InSite plans to use the capital to expand the company through acquisitions and construction of new towers and DAS projects. Catalyst partners Chris Shipman and Todd Clapp will join InSite’s Board.
“This investment, in combination with our existing credit facility, will enable us to acquire and build additional towers and DAS facilities to serve the wireless communications industry,” said David E. Weisman, President and CEO, InSite Wireless Group, LLC. “We have known the Catalyst partners since the 1990s when they were with TD Bank and invested in our predecessor company. Catalyst’s industry knowledge and expertise, combined with their network of industry leaders in the communications sector, make them uniquely qualified to help grow the business and take the company to the next level.”
“Our team has been investing in the wireless tower sector for 15 years and we recognize the opportunities that InSite has to grow and thrive,” said Shipman. “Wireless carriers continue to expand their networks as usage increases rapidly, driven in particular by the mass adoption of smart phones. InSite is the ideal partner for us due to its exceptional management team, scalable platform, and the lease-up potential offered by its existing towers and DAS facilities.”
“In addition to the company’s success in wireless towers, InSite’s strong DAS business is in a high-growth area that gives the company an enormous opportunity for continued expansion,” said Clapp. “For example, InSite’s DAS project with the Boston subway system is already up and running and under construction for the next phase of station platforms and connecting tunnels, which, upon completion, will provide riders with continuous wireless coverage throughout the entire subway transit system.”
About InSite Wireless Group, LLC
InSite Towers, LLC owns, operates and manages wireless tower site facilities, and is currently developing sites in California, Nevada, Arizona and Idaho. InSite Towers concentrates on wireless sites within specific geographic areas to better support its customer’s tower build and deployment strategies. The Company was established by the founders of Mountain Union Telecom, LLC, which was the 7th largest independent tower company in the United States. Mountain Union was founded in 1999 and at the time of its sale to Crown Castle in mid 2006, Mountain Union owned and operated more than 500 towers and provided tower infrastructure to all of the major wireless carriers. The InSite Towers management team has over 30 years of wireless telecommunications experience and is committed to providing the highest standards in the wireless facilities industry.
More information on InSite’s business can be found at http://www.insitewireless.com.
About Catalyst Investors
Catalyst Investors is a growth private equity firm founded in 2000. Catalyst employs a rigorous top-down research focus to identify investment opportunities in companies and industries that will exhibit strong revenue and margin growth. The firm works in true partnership with talented management teams to build long-term value. Catalyst has consistently achieved superior returns with disciplined risk management and a commitment to investor transparency. For more information, visit http://www.catalystinvestors.com.