Grain Management LLC, a Sarasota-based private equity firm that also builds, owns and operates wireless towers and related infrastructure across North America, has filed with the SEC to raise $500 million. The funding would be used by Grain Communications Opportunity Fund L.P., according to the filing. Specific plans were not released according to reports by businessobserverfl.com and Tampa Bay Business Journal. It would be Grain’s third round of funding in five years. The company raised $108 million in 2011, and $240 million in 2012, according to SEC data. In February of 2015, Grain acquired 85 wireless towers from Ntelos Holdings Corp. That acquisition reportedly provided nearly $2.2 million in cash flow.
David Grain began the business, which has offices in Sarasota and Washington, DC, in 2007. Grain Management focuses on investments in the media and communications sectors. The firm manages funds for a number of the country’s leading academic institutions, endowments and public pension funds. With $440 million in capital under management, Grain ranked No. 3 on the 2015 Tampa Bay Business Journal list of private equity firms.
In 2015, Black Enterprise magazine named David Grain, who serves on the board of directors of The Southern Co. (NYSE: SO), an Atlanta-based utility firm, to its list of America’s most powerful corporate directors.
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