ALEXANDRIA, Va. and TORONTO, Ontario (PRWEB) December 17, 2012
InSite Wireless Group, LLC ("InSite"), owner, operator and manager of wireless communication tower site facilities and distributed antenna systems (DAS) across the United States, Puerto Rico, and the U.S. Virgin Islands, today announced its investment in Turris Sites Inc. ("Turris"), a leading owner, operator and manager of wireless communication tower site facilities in Canada. Pursuant to the purchase agreement, InSite acquired a 54% equity interest in Turris. Turris will continue to be led by its existing management team headed by President John Wahba and COO Rick Sullivan.
David E. Weisman, President and CEO of InSite, describes the new partnership as groundbreaking. "The Canadian tower market represents a significant growth opportunity for us. We’re delighted to be partnering with an experienced management team with a keen understanding of the local marketplace."
"Turris, its investors, and its employees are excited about this new relationship with InSite," said John Wahba, President of Turris. "We view this as a unique opportunity not only to leverage the success and resources of one of the premier US tower companies but also to accelerate further the strong growth of our Canadian business."
The transaction closed on December 7, 2012. Pinpoint Capital Advisors served as financial advisor to Turris and Osler, Hoskin and Harcourt, LLP provided legal counsel. InSite was represented by Kirkland & Ellis LLP, Sullivan & Worcester LLP, and Blake, Cassels and Graydon LLP, with advisory assistance from InSite investor Catalyst Investors.
About InSite Wireless Group, LLC
InSite Wireless Group, LLC develops, owns, and operates communications wireless infrastructure facilities primarily for the wireless and broadcast industries. Established by the founders of Mountain Union Telecom LLC, InSite Wireless Group began in December 2000 as InSite Wireless, LLC, a company focusing on the in-building segment of wireless infrastructure. The company built and launched its first DAS at the Moscone Center in San Francisco in 2001, and has developed and operates additional DAS projects in convention centers, hotels and casinos, airports, sports stadiums, and transit systems like the MBTA Boston subway system. In 2006, InSite Wireless Group was formed as the parent organization to InSite Wireless, LLC, and the tower division—InSite Towers, LLC—was created. Today InSite Towers is one of the top 10 U.S. tower companies (as ranked by RCR Wireless) and develops, manages, owns, and operates more than 650 telecommunications towers and sites for wireless carriers across the United States, Puerto Rico, the U.S. Virgin Islands, and Canada. More information on InSite's business can be found at http://www.insitewireless.com.
About Turris Sites Inc.
Turris Sites Inc. is a leader in developing, owning, and operating wireless tower sites in Canada. Turris Sites Inc. forms part of the Turris Group whose related entities provide engineering, procurement and project management services for communications, broadcast and wind energy applications across Canada, the US and internationally. The Turris team is led by a group of highly skilled and experienced professional engineers and managers who have designed and constructed some of the world’s tallest and most complex structures. More information about the Turris Group is available at http://www.turriscorp.com.