Everest Infrastructure Partners has closed on its second capital raise, EIP Holdings II, bringing the total capital committed across EIP’s platform of communications infrastructure assets to more than $350 million. Commitments to funds managed by Everest come from a mix of institutional investors, including pension funds, infrastructure funds, insurance companies, endowments, and other global asset managers.
“We are actively looking for attractive wireless infrastructure assets, whether that is developing new sites, mergers and acquisitions on existing towers, rooftops, and indoor systems. Really, we are focused on all aspects of the wireless infrastructure ecosystem,” said Mike Mackey, president, EIP. “We own a variety of assets including indoor DAS but our biggest focus is on macro tower and rooftop sites.”
Formed in November 2015, Everest has been expanding as a national developer and aggregator of communications Infrastructure assets. It purchased Boston-based Varsity Wireless Towers in 2018 and its portfolio of wireless towers, development pipeline of more than 50 wireless sites and a multi-carrier indoor DAS in the Prudential Center in Newark, New Jersey. At the beginning of this year, EIP Holdings I, LLC purchased nearly 100 wireless tower assets from Norwalk, Connecticut-based Frontier Communications.
“Everest launched with a real estate aggregation platform and expanded into tower acquisitions and new site development in 2017. We recently launched a commercial real estate platform and a third-party tower developer platform,” said Matt Newton, CEO of Everest.
Today, Everest owns and manages more than 300 assets across 45 states. It provides carriers with site acquisition, construction, operations and leasing services.
“Our success is driven by the attractiveness of our cost of capital, the breadth and proprietary nature of our origination platform, and the attention we give to customized solutions for independent tower owners and other industry counterparties. We deliver on what we say, we do it in a timely manner, and we are easy to work with,” Mackey said.
Mackey said he sees opportunities for towers in the 5G buildout. In particular, he expects Dish Network to utilize existing towers and develop new sites as it builds out its nationwide facilities-based 5G network. Everest is looking at all opportunities in wireless infrastructure as it plans to significantly expand its portfolio of towers and markets through acquisitions and new builds in the future.