Pegasus Tower Completes Asset Sale

Pegasus Tower Development Co., a portfolio company of Primus Capital, has sold ten multi-tenant wireless communications towers. No financial terms were disclosed.

Pegasus Tower Development Company, LLC (“Pegasus”), a Primus Capital Fund V portfolio company, has completed the sale of ten multi-tenant wireless communications towers. The sale was part of the initial investment strategy of building a portfolio of towers and generating liquidity through the sale of all or portions of the towers based on their successful lease up, free cash flow generation, and purchase multiples available in the market. Primus co-led a $35 million growth financing in April 2006.

Pegasus develops, acquires, and manages wireless communications towers across the nation. Pegasus continues to pursue new tower sites that have attractive economics and strong lease-up potential. The company currently has a portfolio of over 150 towers constructed or under development.

About Primus

Founded in 1983, Primus invests in established middle-market companies in the business services, healthcare and education industries. Primus partners with experienced management teams to accelerate growth and improve the operating performance of the companies in which it invests. The types of transactions pursued include buyouts, control and minority recapitalizations, and expansion financings. More information about Primus can be found at