August 2, 2016 — Macquarie Infrastructure Partners III (MIP III) has acquired a 42.5 percent stake in InSite Wireless Group for $280 million from Catalyst Investors II. InSite’s other investors are Cox Enterprises and Catalyst Investors IV.
InSite will continue to be led by its existing management team headed by co-founders David Weisman, president and CEO, and Lance Cawley, CFO. Weisman described the investment as a “significant growth opportunity.”
Pat Esser, president of Cox Communications, welcomed MIP III as an investor and touted wireless infrastructure as a long-term investment. “InSite has emerged from this transaction … well-positioned for long-term strategic growth,” he said.
Todd Clapp, partner with Catalyst Investors, agreed with Esser, say that InSite has provided an “exceptional return on our initial investment.”
MIP III is managed by the Macquarie Infrastructure and Real Assets division of the Macquarie Group, which was the majority investor in Global Tower Partners before the company was sold to American Tower for $4.8 billion in 2013.