Jacksonville, FL (PRWEB) October 31, 2007
TowerCom Enterprises LLC, a Lovett Miller & Co. portfolio company, completed the sale of 65 wireless towers to SBA Communications Corporation ("SBA") (NASDAQ: SBAC). The transaction was TowerCom's third tower portfolio sale. On a combined basis, TowerCom has developed and sold 147 towers. The aggregate sales price for all three transactions was over $66 million.
Lovett Miller & Co. was the lead investor in TowerCom. Mr. W. Radford Lovett II, Co-founder and Managing Partner of Lovett Miller & Co., served as Chairman of TowerCom since founding the company. This transaction represents Lovett Miller's third successful portfolio company exit in the tower industry. Prior successful exits include TowerCom Development, LP, a developer of wireless communications infrastructure and TowerCom, Limited, an owner and developer of broadcast communication towers.
Lovett Miller's investment in Florida-based TowerCom is representative of its strategy to provide growth capital for privately held companies in the Southeast.
About TowerCom Enterprises LLC
TowerCom is a privately held company that develops and acquires tower assets. TowerCom offers a network of newly constructed communications towers, leasing space to national and regional wireless carriers.
About Lovett Miller & Co.
Lovett Miller & Co., based in Florida, provides growth capital and shareholder liquidity for rapidly growing, privately-held companies throughout the Southeast, with a particular emphasis on Florida and Georgia. The Firm manages $175 million in committed capital and invests in a broad range of financings including (1) growth capital, (2) minority shareholder liquidity transactions, and (3) growth buyouts. Lovett Miller & Co. typically invests $5 to $15 million in equity per company, although it is willing to consider both smaller and larger equity investments.