LITTLE ROCK, Ark., Nov. 3, 2022 /PRNewswire/ -- Harmoni Towers ("Harmoni"), a portfolio company of Palistar Capital LP ("Palistar"), an alternative asset manager focused on mission-critical communications infrastructure, today announced that it has closed on its acquisition of Parallel Infrastructure ("Parallel"), a leading tower platform and build-to-suit provider. The combined company is the fifth largest tower company and the second largest private independent tower company in the U.S., with more than 2,000 built and in-construction towers across the U.S. Parallel was acquired from funds managed by affiliates of Apollo Global Management, Inc. ("Apollo").
Omar Jaffrey, Managing Partner and Founder of Palistar, said, "We are looking forward to the continued build-out of the combined platform, enabling greater 5G access and coverage for our wireless carrier clients." Palistar expects to deploy over $1 billion to expand and further develop the platform.
"We are excited to close on this transaction in partnership with the Parallel team as we seek to grow and enhance the solutions we provide to clients," said Lawrence Gleason, CEO of Harmoni.
Palistar and Harmoni were advised by Kirkland & Ellis LLP. Parallel and Apollo were advised by Weil, Gotshal & Manges LLP
Harmoni Towers, a portfolio company of Palistar Capital LP, owns, operates, and builds mission-critical communications infrastructure. The firm focuses on the acquisition and construction of communication networks and works with customers in a wide variety of situations, including monetizing existing assets and new site development. Harmoni collaborates with wireless operators to deploy their networks and build assets while relieving them of the burden of raising investment capital. Harmoni Towers is one of the most active tower builders in the U.S., with well over 1,000 sites constructed or in development. Palistar acquired Harmoni in June 2020 from Uniti Group. For details, please visit https://harmonitowers.com/.
Parallel Infrastructure designs, builds, owns and operates telecommunications infrastructure of the highest caliber. In partnership with property owners and industry vendors, Parallel serves wireless service providers of all sizes. Together, firm is creating a more connected future. For more information, please visit https://pitowers.com/.
Palistar Capital LP is an alternative asset manager led by Managing Partner and sole Founder, Omar Jaffrey, focused on communications infrastructure. The firm seeks to invest through direct asset ownership as well as by developing innovative financing solutions to complex problems for leading global communications companies. To learn more about Palistar, visit www.palistar.com.
SOURCE Palistar Capital