MONTREAL and BOCA RATON, FL – Canadian institutional investor La Caisse de dépôt et placement du Québec (CDPQ) has reached an agreement to acquire a 30% stake in the main operating subsidiary of Vertical Bridge Holdings, the largest private owner and operator of communications infrastructure in the United States. Financial terms of the transaction were not disclosed.
Vertical Bridge said that it will use CDPQ’s investment to expand its portfolio of broadband and broadcast towers, small cells, real estate and other wireless infrastructure assets ahead of the rollout of 5G. After over 250 acquisitions since its inception in 2014, Vertical Bridge has more than 266,000 sites, including over 16,000 owned and master-leased towers, as well as the country's largest and tallest private portfolio of broadcast towers.
"With this acquisition, we expand our exposure to telecommunications infrastructure by partnering with a first‑class operator that is strategically positioned in the market and brings a wealth of knowledge of the industry," said CDPQ infrastructure EVP Emmanuel Jaclot, in the news release. "We are delighted to work alongside the Vertical Bridge team, and support the company's next stages of development and long-term growth in an attractive wireless infrastructure sector."
CDPQ joins other long-term Vertical Bridge investors including Digital Bridge, The Jordan Company, Goldman Sachs Infrastructure Partners, Stonepeak Infrastructure Partners, The Edgewater Funds, CalSTRS and Dock Square Capital LLC. The Vertical Bridge executive team also holds a significant stake in the business.
"Two key goals since the day we were founded have been to be a leader in wireless communications infrastructure and to have longevity as a private company. The commitment from CDPQ – as well our current investors' ongoing support – will allow us to continue to meet these objectives," added Alex Gellman, CEO and co-founder of Vertical Bridge.
The transaction is subject to various regulatory approvals.
