April 2, 2015 — InSite Wireless Group has acquired 294 communication tower sites from CTI Towers, including related tower site equipment and infrastructure, related real property interests, and wireless carrier and customer agreements related to the towers.
“We are familiar with their assets, having a similar participation by Cox Communications of similar assets,” David Weisman, president and CEO of InSite, told AGL Link. “They are strategically placed in good markets and will bring considerable growth in terms of carrier leasing. They are terrific assets.”
Based in Franklin, Massachusetts, CTI Towers was formed by Comcast Ventures, the venture capital affiliate of Comcast Corp., in the fall of 2011. It launched with a management contract for 800 towers that were previously owned and operated by Comcast Cable subsidiaries. CTI was in the process of acquiring towers Comcast that it managed, as well as from third parties. In 2013, CTI Towers secured up to $30 million in debt financing and closed its first third-party acquisition, purchasing five towers from a major wireless carrier.
“I think it is fair to say that we believe there is significant growth left in these assets. They were not marketed by the cable company and CTI only had them for four years. We look forward to continuing to add tenants in the future,” Weisman said.
With the transaction, InSite’s portfolio of sites has increased to more than 1,200 towers, but it also develops and operates more than 20 DAS and small cell projects in convention centers, casinos, airports, sports stadiums and transit systems. Additionally, InSite purchased Telecom Lease Advisors last year, which does its land under tower acquisitions.
“We are a multifaceted wireless infrastructure company with a focus on communications towers,” he said.
Wireless infrastructure is a long-term industry that is best served through long-term investment, according to Weisman. It is a vision that he believes the company’s investors share.
“We are one of the major players outside of the three public companies, and we have a long term commitment to the business. Many of the mid-market companies exit because they get acquired, but we have a declaration that we are here to stay and plan to operate in this business for some time.”
CTI Towers will continue to manage and lease up the remaining Comcast towers.
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