FOR IMMEDIATE RELEASE:
Diamond Completes Purchase of Nationwide Portfolio of Towers from Capital Telecom Diamond and Capital Telecom Also Enter into Strategic Partnership
(SHORT HILLS, NJ, August 26, 2015) Diamond Communications, a privately-owned tower company, has completed the acquisition of a nationwide portfolio of towers from Capital Telecom. In addition, Diamond and Capital Telecom have entered into a strategic partnership to build additional towers. Capital Telecom will continue to operate independently to develop, maintain and manage towers nationally, adding assets to its portfolio by leveraging relationships with many of the country’s largest commercial real estate owners. Diamond will provide funding for Capital Telecom through the Diamond Tower Developer Partnership Program.
“We are excited to have completed the acquisition of Capital Telecom’s towers thereby accelerating our growth and solidifying our position as one of the larger privately-owned wireless tower companies in the US,” said Ed Farscht, Chief Executive Officer of Diamond. “Further, the strategic partnership with Capital Telecom will enable Diamond to work closely with a well established and respected management team and deploy additional capital in newly developed tower assets.”
“While it will be ‘business as usual’ with our customers and vendors, our partnership with Diamond will provide Capital Telecom with additional advantages going forward, in particular the ability to approach the business with a long-term time horizon,” said Thomas Waniewski, a Principal of Capital Telecom. “We are excited to be working with Diamond and believe this transaction ideally positions Capital Telecom for continued success.”
Diamond Communications, headquartered in Short Hills, NJ, is a leading private wireless infrastructure company that acquires, builds and owns wireless towers as well as manages in excess of 125,000 properties and structures for third-party property owners. Diamond also provides debt and equity financing for other tower developers through the Diamond Tower Developer Partnership Program.
Capital Telecom, headquartered in Morristown, NJ, is a leading tower developer that controls 23,000 commercial sites nationwide available for the development of cell towers. These prime sites are located in high traffic, densely populated markets across the country providing valuable solutions to meet the needs of wireless carriers. The Capital Telecom program has unlocked many of the difficult urban and suburban markets across the United States.