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Overview

M/C Partners was a founding investor in Lightower, which it created by co-sourcing, on a proprietary basis, metro fiber and wireless tower assets from National Grid, an international power company. The company operated an extensive communications infrastructure portfolio consisting of approximately 350 communications towers and over 1,100 route miles of dark fiber. Using Lightower’s concentration of unique fiber assets in the Northeastern United States, M/C saw an opportunity to use the Lightower platform to build a much larger fiber network services provider in the region.

How we added value

Proprietary Sourcing of Under Managed Asset Base

M/C’s acute industry knowledge network of relationships led M/C to discover and acquire the National Grid tower and fiber assets preemptively to a competitive auction process.

Company Restructuring and Reorganization

M/C and Pamlico reorganized the company into separate fiber and tower divisions and recruited a repeat M/C entrepreneur to run the fiber business. In 2008, SBA Communications Corporation (Nasdaq:SBAC) acquired Lightower Wireless LLC, the wireless infrastructure subsidiary that held the wireless tower assets.

Strategic Guidance/Sale Process

M/C ultimately led the sale process of Lightower to Berkshire Partners in 2012, which simultaneously merged the Lightower assets with Sidera Networks.

Recruited Management Team

As a lead investor, M/C Partners was instrumental in recruiting the new management team for Lightower, led by repeat M/C entrepreneur Rob Shanahan, co-founder and former CEO of Conversent Communications.

Providing Growth Capital to Fund Acquisitions

After M/C and Pamlico’s initial acquisition of Lightower’s utility fiber assets in 2007, Lightower acquired six additional fiber operators to build the premier metro fiber company in the Northeast.

Corporate Development

M/C continuously remained active in corporate development/acquisition efforts as well as capital-raising, including a February 2012 recapitalization that better positioned the company financially.

Outcome

From 2007 to 2012, M/C was able to leverage its industry knowledge and network of relationships to uniquely create the investment opportunity, recruit a new management team, and fund organic growth and acquisitions of several fiber companies. Lightower grew to become the leading metro fiber provider in the North East region, increasing its 1,100 fiber route miles to nearly 6,600 at exit and generating annual EBITDA growth of ~21%.
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Zack Halpryn

Zack Halpryn is an Associate at M|C Partners, where he focuses on investment opportunities in the digital infrastructure and technology services sectors. Prior to joining MC, Zack worked at HarbourVest Partners, where he was focused on buyout and growth equity investments. Previously he worked at Performance Equity Management and Credit Suisse. Zack received a B.B.A in Finance (summa cum laude) from the Isenberg School of Management at UMass Amherst. He currently lives in Boston’s West End and in his spare time enjoys playing sports (volleyball, basketball, golf), reading and watching the Celtics.

Joined

2023

AFFILIATED PORTFOLIO

AccessParks
Ascend Technologies
Carbon60
Denovo
TowerCom

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celito

Established in 1999 and based in Raleigh, is a trusted, local communications and managed services provider to businesses leveraging its fully owned fiber network. celito creates technology solutions for businesses across all sectors both large and small. From supplying high-speed Internet service, to providing quality VoIP telecom service, to setting up your office network, they offer turnkey solutions from the desktop to the cloud

 
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GSC

RDC

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SECTOR

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Jason P. Stutman

Jason Stutman is a Senior Fund Accountant at M/C Partners, responsible for the cash management of co-investment vehicles, preparing quarterly financial statements, and communication with Limited Partners. Prior to joining the firm in 2023, Jason worked in the Portfolio Analytics Group at HarbourVest Partners. He earned a BSBA with honors in Finance with a minor in Computer Information Science from The Ohio State University. Jason lives in South Boston and enjoys cheering on Boston sports teams, playing hockey and golf and traveling.

Joined

2023

AFFILIATED PORTFOLIO

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Cuba Burch Berner

Cuba Burch Berner is an Associate at M|C Partners, where he focuses on investment opportunities in digital infrastructure and technology services. Prior to joining the firm in 2022, Cuba was an Equity Research Associate at Citi covering infrastructure companies within the telecommunications industry, including data centers and wireless towers. He holds a B.S. in Mathematics with a specialization in Economics from the University of Chicago. Cuba currently lives in Boston’s West End and enjoys  a myriad of outdoor activities including running, swimming, hiking, and skiing.

Joined

2022

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AFFILIATED PORTFOLIO

Ascend Technologies
Consortium Networks
C3 Integrated Solutions
SoniqWave

 

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AccentHealth

AccentHealth operates an out-of-home advertising network that reaches over 12,000 physician office waiting areas in the U.S. – JOHN WATKINS

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JWW

SECTOR

IT SERVICES

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James F. Wade

Jim Wade co-founded M/C Partners in 1986 with Dave Croll. He has been investing in communications and technology services since the advent of wireless and broadband, cornerstones of the firm’s sector focus. As Chairman, he manages the firm’s investment process, and continuously seeks out management teams, company prospects and financial resources to grow the portfolio. Jim’s successful track record includes MetroPCS (IPO), Lightower Holdings (acquired by Berkshire Partners), Cavalier Telephone (acquired by PAETEC), NuVox Communications (acquired by WindStream), Attenda (acquired by Darwin Private Equity), Melita (acquired by Apax Partners), PR Wireless (joint venture with Sprint affiliate in Puerto Rico), Thrive Networks (acquired/recapitalized by Court Square) and Involta (acquired by Carlyle Group). Today he serves as a director on the Board of Connectivity Wireless and has responsibility for Omega Wireless. Jim graduated from the University of Notre Dame a B.B.A in Finance and received an MBA from Harvard Business School. He lives outside Boston with his wife and four children. Jim was an avid boater and is now an average golfer.

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1986

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Connectivity Wireless

 

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Abhishek Rampuria

Abhishek (A.B.) is a Partner at M/C Partners, where he leads origination, deal diligence and portfolio company support for investments in a variety of communications and technology services segments. He currently serves on the Board of Ascend Technologies, Connectivity Wireless, Edafio Technology Partners, TowerCom and serves as a Board Observer for Thrive Networks. A.B. previously served as a Board Observer for Ensono (acquired by KKR) and QOS Networks (acquired by Zayo). Prior to joining M/C Partners in 2015, A.B. worked at Altman Solon (formerly Altman Vilandrie), a technology, media & telecommunications focused strategy consulting firm, where he completed projects for both operating companies and private equity investors. A.B. received a B.S. in Materials Science & Engineering from the Massachusetts Institute of Technology. He lives in Boston’s South End and outside of work, enjoys skiing, cycling, traveling and cheering on his home-town Patriots and Celtics.

Joined

2015

AFFILIATED PORTFOLIO

Thrive Networks

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BOARD POSITIONS

Ascend Technologies
Connectivity Wireless
Edafio Technology Partners
TowerCom