VC firms buy tower vendor

The rise of venture capitalists’ power in the wireless industry and beyond continues to grow with the just announced purchase of National Grid Wireless U.S. by M/C Venture Partners and Wachovia Capital Partners. Terms of the sale by National Grid plc, the fourth-largest publicly held utility company in the world, were not disclosed; however, media reports pegged the price at $290 million.
The wireless and fiber-optic communications infrastructure provider operates approximately 350 communications towers and more than 1,100 miles of dark fiber. The Boxborough, Mass.-based company provides site development services throughout the Northeast, and will continue to market its wireless and fiber-optic infrastructure to wireless carriers and others.
The 120-employee company, which has experienced a 45% growth in revenue over the past five years, will continue to be led by Doug Wiest, the company’s current CEO.
“This transaction is great news for the company and its customers. National Grid Wireless U.S. is a rapidly growing, profitable business in an expanding segment of the marketplace. Our new investors have extensive experience financing leading communications companies and share management’s vision for the future of the business,” Wiest said.
Venture capital groups have been active in a number of wireless transactions recently, including the purchase of chipmaker Freescale Semiconductor.