Berkshire Partners Announces Majority Growth Investment in TowerNorth

Capital Will Position Developer, Owner, and Operator of Critical Wireless Infrastructure Assets for Strategic Growth

Berkshire Partners today announced it has made a majority growth investment in TowerNorth, a fast-growing independent developer, owner, and operator of critical wireless infrastructure assets in the United States and Europe. Financial terms of the private transaction were not disclosed.

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Founded in 2012 by industry veterans Josh Delman and Bert Stern, TowerNorth has grown into a leading wireless infrastructure platform, with newly built towers and a presence in 24 states that spans the Midwest, Northeast, and Southern United States. The company’s deep understanding of the wireless infrastructure industry across its territory allows TowerNorth to efficiently and effectively bring wireless carriers on-air within stringent timelines, navigating complex zoning and real estate challenges through its local development teams. TowerNorth believes that open communication, transparency, and trust ultimately drive success and has made the company a preferred partner for wireless carriers, local jurisdictions, utilities, and hundreds of property owners across the country.

“TowerNorth has seen tremendous growth since inception, and we continue to see significant opportunities ahead as the buildout of 5G and successor networks continues,” said Stern, Chief Executive Officer of TowerNorth. “We are thrilled to partner with Berkshire Partners’ Digital Infrastructure team, which has experience scaling digital infrastructure companies, and we look forward to leveraging their tower experience and operational capabilities as we continue to develop complex site solutions and large-scale build-to-suit tower programs for our carrier partners.”

Berkshire Partners has a long history of partnering with shared wireless access, data center, and network infrastructure businesses seeking to accelerate growth, including prior investments in Crown Castle International, Tower Development Corporation, Torres Unidas and Protelindo.

“We are backing an exceptional senior leadership team at TowerNorth and are thrilled to invest in a company instrumental in developing the advanced wireless infrastructure that is vital to today’s digital economy,” said John Kelly, Managing Director at Berkshire Partners. “In addition to bringing the capital required to support TowerNorth in executing on its contracted tower pipeline, we look forward to helping Bert and his team scale the business to ensure continued best-in-class tower availability and development.”

In addition, founding investor Wincove Private Holdings re-invested in the transaction.

TD Securities acted as the sole financial advisor and Husch Blackwell LLP acted as the legal advisor to TowerNorth. Babst Calland and Kirkland & Ellis advised Berkshire Partners.

About Berkshire Partners

Berkshire Partners is a 100% employee-owned, multi-sector specialist investor in private and public equity. The firm’s digital infrastructure strategy leverages Berkshire Partners’ 25-year track record in communications to invest in middle market businesses within the shared wireless access, data center, and network infrastructure segments. The firm’s private equity strategy is to invest in well-positioned, growing companies across consumer, healthcare, services & industrials, and communications & technology. Since inception, Berkshire Partners has made more than 150 private equity investments and has a strong history of collaborating with management teams to grow the companies in which it invests. For additional information, please visit www.berkshirepartners.com.

About TowerNorth

Founded by industry veterans Josh Delman and Bert Stern in 2012, TowerNorth is an independent developer, owner, and operator of mission critical wireless infrastructure assets in the US and Europe. For additional information, visit www.towernorth.com.

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