Municipal Communications announced that it has completed the sale of an undisclosed number of cellular towers to American Tower Corporation (NYSE: AMT). The transaction was completed in the third quarter of 2018.
Municipal develops, owns, and operates towers primarily in the southeastern and northeastern United States. Peter Corry, Municipal’s founder and CEO, initially partnered with Seaport Capital in 2010 to execute on the Company’s tower development business plan.
“The Company and team have worked tirelessly to build a great collection of tower assets throughout the United States. My team and I appreciate the resources and guidance provided by Seaport over the last eight years,” said Peter Corry.
Seaport Capital is an investment firm focused on growth and buyout opportunities, and has significant experience investing in the cellular tower industry.
“We appreciate all the hard work of Peter and his team over the last eight years. The team’s effort and experience have allowed the Company to build a significant number of high quality tower assets, and we look forward to continuing our relationship with Peter and the team going forward,” said Bob Tamashunas, a Partner of Seaport Capital.
About Municipal Communications
Municipal Communications is a communications infrastructure provider that develops, owns, and operates cellular wireless assets throughout the United States. The Company’s tower portfolio primarily covers the Southeast Southwest, Midwest and the Northeast, with headquarters in Atlanta, GA. For additional information, visit www.municipalcom.com.
About Seaport Capital
Founded in 1997, Seaport Capital provides capital to middle market companies in the communications, information services, and business services sectors. Seaport works with talented management teams to create valuable companies that are leaders in their market segments. Seaport's extensive investing experience enables it to develop successful strategies; its relationships and resources help achieve them. The firm seeks to invest $10 to $30 million of equity capital in each portfolio company. For additional information, visit www.seaportcapital.com.