Media merchant bank Veronis Suhler Stevenson (VSS) has announced an agreement to sell its 100 percent stake in wireless tower operator GoldenState Towers to Global Signal in a transaction valued at $63.1 million (€51.2 million).
New York-based VSS will complete the deal through its private equity fund VS&A Communications Partners III, a $1 billion media and communications vehicle that closed in November 1998. VSS initially invested $25 million in the launch of GoldenState Towers back in November 2002.
Based in San Ramon, California, GoldenState Towers owns and operates 207 wireless communications towers located primarily in California, Oregon, Idaho, Washington, Nevada and Arizona. According to the press statement, the company has grown through 11 acquisitions over the past two years. Global Signal, which is organized as a real estate investment trust (REIT) for federal income tax purposes, currently owns or manages more than 3,300 wireless communications towers or other communications sites.
VSS targets investments in media, communications and information sectors. In April, the firm sold energy publisher Hart Publications in a management buyout backed by a Denver-based energy investment group led by Wiegers Capital Management and Compass Advisers. Most recently in July, former chairman and chief executive officer of specialty B2B publisher Penton Media joined VSS as managing director.