Tarpon Lands Big Catch

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Tarpon Towers II announced this morning that it has secured over $100 million of new capital to acquire and build wireless communication towers and other wireless infrastructure. Tarpon II is a newly formed wireless communications tower company, a joint venture created by new funding consisting of a $60 million equity commitment from private equity firm, Redwood Capital Investment, LLC, and Tarpon’s management team. Additionally, Tarpon has obtained a commitment from a regional bank for a $40 million credit facility. “We are excited about partnering with Redwood Capital and continuing to invest in U.S. based assets. With Redwood Capital, we have found a partner that is committed to investing over a much longer period than traditional equity sources and has the capability and appetite to invest significantly more than the initial capital commitment,” said Ronald Bizick, Tarpon’s CEO.

Since 2008, Tarpon has built and acquired numerous wireless tower sites throughout the U.S. Tarpon II plans to utilize the new capital to acquire existing towers and build new towers by partnering with local tower developers as well as through entering into build-to-suit agreements with national and regional communications carriers. Tarpon II will also selectively invest in other wireless infrastructure assets.”Redwood’s backing will enable us to compete more aggressively for acquisition and build opportunities and strengthen our leadership team,” added Tarpon’s President William Freeman. Tarpon’s management team has almost 75 years of aggregate experience in the industry and has combined experience in acquiring over 12,000 sites, raising and investing over $3 billion in capital and building over 3,000 towers.

David Watson, of Redwood Capital, said, “This is just the beginning of what we expect to be a long relationship with Tarpon.  Tarpon’s team has generated strong returns for its investors and has demonstrated the ability to successfully grow and operate throughout the business cycle. We view this as an opportunity to partner with a great management team to build a leading wireless infrastructure company.”  Redwood Capital Investments, LLC manages the capital of a small group of private investors in Baltimore, Maryland.  One of Redwood’s principal objectives is to become long-term partners with management teams and private business owners.  Redwood has a permanent capital base, a creative approach to investing, and the ability to be agile in decision-making.

 

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