Seaport Capital Completes New Investment in Bay Communications II
February 2, 2011
Bay Communications II, LLC announced today it has completed a capital raise led by Seaport Capital. Bay Communications II was founded by Jim Riley, a tower developer with nearly two decades of experience of developing towers in the Northeast. Mr. Riley also participated in the investment. Additional terms of the investment were not disclosed. Seaport Capital, an investment firm focused on growth and buyout opportunities, has extensive experience investing in the cellular tower industry. Bay Communications II is Seaport’s fourth tower development company investment.
Bay Communications II focuses on developing, owning, and operating cellular towers in the Northeastern United States. The company will build on Mr. Riley’s extensive tower development experience. Mr. Riley sold his prior tower development company, Bay Communications I, to SBA Communications at the end of 2009.
Seaport Capital Principal Bob Tamashunas said, “Jim has a successful track record of developing high quality tower sites. He has the experience, business relationships and patience needed to develop towers in the challenging Northeast geography. We believe Bay Communications II is well positioned to capture the continued demand for additional tower locations brought on by the growth in wireless carriers’ data and voice applications. We are excited that Jim decided to partner with Seaport and we look forward to helping Bay Communications II execute on its business plan.”
“I look forward to partnering with an experienced tower investor like Seaport Capital,” said Jim Riley. “My partnership with Seaport will allow me to execute on my business plan of building a robust tower portfolio in the Northeast. The company has ambitious plans over the next couple of years and I am excited to partner with Seaport to achieve our shared goals.”