October 3, 2021
Everest Infrastructure Partners has completed the acquisition of a portfolio of wireless towers located in Northern California from ComSites West. With over 100 existing tenant leases across the portfolio, the transaction is one of the largest tower acquisitions of the year and further positions Everest as one of the fastest growing privately-held tower operators in the U.S. “We are tremendously pleased that the ComSites team and investors chose to work with Everest on this transaction,” said Mike Mackey, President of Everest. “These sites are incredibly unique locations serving the broadband and broadcast needs of network operators in the San Francisco Bay area, Sacramento, and throughout Northern California. California is our largest market and our most active region for developing new towers to support the evolving networks of our customers. We see tremendous potential to enhance the value of our overall portfolio with the addition of these tower sites.”
“As a customer centric company who cares about the quality of its assets, Everest Infrastructure Partners was the perfect partner for ComSites West’s portfolio sale. It has been great working with the Everest team and we are pleased to know the customers and assets previously under ComSites management will now be in the very professional hands of Everest Infrastructure Partners,” said Charlie Feick, General Manager of ComSites West. “We look forward to Everest’s growth and success while ComSites West continues with its marketed and managed site portfolio and development pursuits.”
“With this acquisition, Everest has added more than 400 new site locations located throughout the West region to our portfolio of owned or managed macro sites during the past 12 months,” added Matt Newton, CEO of Everest. “With our recent momentum in new tower development and the launch of our ‘Partners Program’ in support of third-party developers, the West region from California to the Rocky Mountain states has led the way for us in the past year. The ComSites towers are some of the most unique locations in California and the ComSites team is highly regarded for the quality of their tower development and operations work over many years in the industry. We are pleased to add these assets to our growing portfolio.”
To support continued growth in new tower development and future acquisitions, Everest increased its available financing with a new senior credit facility arranged by Goldman Sachs Specialty Lending Group. “This new financing increases the total capital raised by Everest to more than $800 million and provides a strong balance sheet for us to continue executing our growth strategy,” said Newton.
Houlihan Lokey represented ComSites West in this transaction.
About Everest Infrastructure Partners
Everest Infrastructure Partners is a privately-owned operator of Communications Infrastructure assets including wireless communications towers, rooftop locations, tower ground leases, and indoor wireless systems. Everest is one of the fastest-growing macro tower operators in the U.S. and provides infrastructure to all major wireless operators through a portfolio of more than 4,000 owned and marketed communications tower sites.
About Houlihan Lokey
Houlihan Lokey (NYSE:HLI) is a global investment bank with expertise in mergers and acquisitions, capital markets, financial restructuring, and valuation. The firm serves corporations, institutions, and governments worldwide with offices in the United States, Europe, the Middle East, and the Asia-Pacific region. Independent advice and intellectual rigor are hallmarks of the firm’s commitment to client success across its advisory services. Houlihan Lokey is the No. 1 M&A advisor for the past six consecutive years in the U.S., the No. 1 global restructuring advisor for the past seven consecutive years, and the No. 1 global M&A fairness opinion advisor over the past 20 years, all based on number of transactions and according to data provided by Refinitiv.