Harmoni Towers has agreed to acquire Parallel Infrastructure, a tower platform and build-to-suit provider. The transaction creates one of the top ten largest private independent tower companies in the U.S., with more than 2,000 built and in-construction towers. Terms of the transaction were not disclosed.
Palistar Capital LP, which backs Harmoni, expects to provide ample growth financing into the combined platform, according to Omar Jaffrey, Managing Partner and Founder of Palistar. The combined company will have locations spanning the country across 41 states, with the capacity to build hundreds of towers per year in all regions of the U.S.
“Palistar expects, over time, to deploy in excess of $1 billion via equity and debt financing into the combined platform in order to promote the expansion of the business,” Jaffrey said.
Before the transaction, Harmoni had more than 1,000 sites constructed or in development. Harmoni owns, operates, and builds mission-critical communications infrastructure. On June 21, 2022, Uniti completed the sale of its remaining investment interest in Harmoni to Palistar Capital LP (formerly known as Melody Investment Advisors) for $32.5 million in cash. Uniti previously sold 90 percent of its U.S. tower business to Palistar in June 2020.
Parallel, based in Charlotte, NC, designs, builds, owns and manages a cell tower portfolio of about 1,000 sites. Parallel was owned by Apollo Global Management, Inc. In 2020, Apollo acquired Parallel through a corporate carve-out transaction via its second flagship infrastructure fund. Apollo stood up the business as an independent tower platform, and approximately doubled its size during the following two years.
Yannis Macheras, CEO of Parallel Infrastructure, said the company is “thrilled” to be a part of the combined organization. “Both organizations collectively are excited about integrating and leveraging our complementary attributes, and quickly emerging as the highest standard for both tower development and ownership,” he said.
Parallel Infrastructure was founded in 2013, to support connectivity along the Florida East Coast Railway. In 2017, Parallel went through its first acquisition to Australian-based property investor, Lendlease. Three years later, Lendlease sold Parallel Infrastructure to Apollo Global Management.
By J. Sharpe Smith, Inside Towers Technology Editor
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