Grain Management has sold a nationwide portfolio of wireless communications assets, including acquire 400 towers and 100 underlying ground leases, to American Tower for $500 million.
The tower assets reside in tier-two and tier-three markets, which are seeing increased carrier activity and network densification, according to Grain, a Washington, D.C.-based private equity firm focused on the global communications sector. During Grain’s ownership, the operational and business development initiatives for the sites have been underpinned by the team’s deep industry experience and a disciplined approach to growth and value creation, according to David J. Grain, founder and CEO of Grain Management,
“Grain’s strategic objective of assembling a portfolio of significant scale poised for future growth has resulted in a sale that realizes substantial value for our limited partners,” Grain said in a prepared release. “Further, this transition positions the Grain team to continue to focus on other active and potential investments as dynamic market conditions create meaningful opportunities for outperformance.”
MVP Capital and Lazard Middle Market served as financial advisors to Grain in connection with this transaction and Paul, Weiss, Rifkind, Wharton & Garrison served as legal counsel.
All in all, the Grain deal is a small portion of the 6,000 sites globally that American Tower plans to buy globally in 2019.