Shamrock LPs co-invest in $100m buyout

The lower mid-market firm has acquired wireless infrastructure provider Mobilitie, bringing its $400m third fund to roughly 35% invested.

Shamrock Capital Advisors is giving its LPs what they want.

The lower mid-market firm typically makes investments of between $15 million and $75 million but completed a $100 million investment in wireless infrastructure provider Mobilitie by attracting co-investment capital from its limited partners.

“It’s a pretty good sized check for us,” partner at Shamrock Steve Royer told Private Equity International. “There is plenty of interest in co-investing in the LP community today.”

Mobilitie allows wireless carriers to provide customers with higher wireless connectivity at games, concerts and other highly attended events. Shamrock invested in the company from its third fund that closed on its $400 million hard-cap in 2011. The investment brings the fund to roughly 35 percent invested. 

Shamrock invests exclusively in media, entertainment and communications companies, three industries that have increasingly blended together, according to Royer.

“For 10 years people have been talking about convergence and we’re definitely at the point of convergence,” Royer said. “We always try to separate our dealflow for our own internal purposes into media, entertainment and communication, and we’re near the point where it gets really hard to do that.”

Still, Shamrock remains particularly focused on a number of sub-sectors within its target industries.

“We still like marketing services companies [and] data analytics types of companies,” Royer said. “We’re looking at premium content for the digital space. That’s an area that’s of interest to us.”

Last year, Shamrock invested an undisclosed amount from Fund III to acquire entertainment research firm MarketCast.

Los Angeles-based Shamrock Capital Advisors was founded in 1978 as the Disney family investment company. The firm’s first two funds closed on $170 million and $311 million, respectively. 

Shamrock portfolio companies include Learfield Communications, which manages the athletic multimedia rights for more than 50 collegiate institutions, and cinema advertising company Screenvision.