M/C Partners was the lead investor in MetroPCS, the first provider of unlimited wireless communications service for a flat rate for customers with no signed contract. By targeting the cost-conscious, high-volume minute users with an offering created specifically for their needs, MetroPCS was able to carve out a space for itself in the competitive universe of wireless carriers. With an initial investment of $350 million, MetroPCS built out its first 4 markets and went on to establish a presence in 14 of the 25 largest metropolitan areas in the country.
How we added value
From the launch date in March 2002, MetroPCS went on to become the fastest growing wireless company in the industry’s history. By 2007 the company had over 3.5 million subscribers and in April 2007 the company completed its initial public offering, valuing the business at $8 billion.