After months of merger rumors, ExteNet Systems has received $1 billion in recapitalization from Digital Bridge Holdings and Stonepeak Infrastructure Partners. The two are acquiring the interests of SBA Communications, Columbia Capital, Centennial Ventures, Sevin Rosen Funds, CenterPoint Ventures, Palomar Ventures and Quantum Strategic Partners. Additionally, capital will be provided to support the long-term growth of the business.
“After a great run with our initial venture investor group that started with us 10 years ago and the other significant investors who joined in 2010, Digital Bridge and Stonepeak are the ideal partners for this recapitalization,” said co-founder and CEO Ross Manire in a prepared statement.
The recapitalization will enable ExteNet to continue pursuing strategic deployment of outdoor and indoor distributed networks, including small cells, to meet the network densification and the advanced wireless connectivity needs of its customers, which include the nation’s leading wireless carriers and venue owners.
The ExteNet executive team, including Manire, will remain with the company and continue to be investors in it. Digital Bridge CEO Marc Ganzi will assume the position of Chairman of the Board at ExteNet after the closing of the transaction. Also joining Manire on the Board will be Warren Roll of Digital Bridge and Trent Vichie and Brian McMullen of Stonepeak.
“I am looking forward to closing the transaction and working with Marc, with whom I have had a long term industry relationship, and the other new board members to leverage their extensive experience and proven success in the communications infrastructure industry,” Manire said.