10/11/2006, GTP
BOCA RATON, FL, October 11 - Global Tower Partners ("GTP") today announced the signing of a definitive agreement to acquire certain wireless communication tower assets from Midwest Tower Partners, LLC ("Midwest"), which is a control investment of Arlington, Virginia based MCG Capital Corporation (Nasdaq: MCGC). The Midwest tower acquisition will contribute 83 existing tower facilities to GTP's rapidly growing national tower portfolio.
"The Midwest acquisition is a continuation of our investment thesis to acquire high quality tower assets at an accretive price to our stakeholders," said Marc C. Ganzi, Chief Executive Officer, Global Tower Partners. "We have a long standing relationship with the Midwest management team and think they have teamed with MCG Capital to do an excellent job developing and maintaining these highly strategic tower locations located throughout the Midwest portion of the country."
"We are proud of the towers owned and managed by Midwest and believe that GTP is well-positioned to continue to grow this portfolio of unique assets. Over the years we have found the professionals at GTP to be an experienced team that understands how to get tower deals done in an enjoyable and professional manner." said Clark Madigan, President of Liberty Towers, the Managing Partner of the Midwest assets. "MCG Capital's sound investment approach and strategic understanding of the tower industry reflects positively in this transaction, and we look forward to continuing to develop tower deals with them in the future."
"The Midwest portfolio was a unique opportunity for GTP to get a great set of towers that complement our existing core Midwest markets," said Terry Armant, Senior Vice President of Development, Global Tower Partners. "Furthermore, we look forward to delivering these locations to our customers in an effort to address their rapidly growing coverage needs."
After the Midwest acquisition closes, GTP will own, manage and master lease some 10,400 sites throughout the United States, including over 2,200 owned communications towers. The transaction is expected to close in the 4th Quarter of this year. As privately held entities, GTP and Midwest consider the terms and conditions of the definitive agreements proprietary.
Global Tower Partners (www.gtpsites.com), based in Boca Raton, Florida, is one of the leading providers of outsourced antennae site facilities to the wireless communications industry in the United States. GTP's business includes the ownership, development, leasing and management of antennae sites on towers and commercial real estate rooftops. GTP owns or master leases more than 10,307 sites, including 2,071 owned towers throughout the United States. GTP's customers are leading wireless communications providers including Sprint-Nextel, AT&T, T-Mobile, Cingular, Verizon, Centennial Wireless, Dobson Communications, US Cellular and ALLTEL.
MCG Capital is a publicly traded Business Development Company with approximately $1.2 billion in total assets. MCG is a solutions-focused specialized finance company providing financing and advisory services to middle market, growth-oriented companies throughout the United States. MCG's funds are generally used by its portfolio companies to finance acquisitions, recapitalizations, management buyouts, organic growth, and working capital. For more information, please visit www.mcgcapital.com.
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