InSite Wireless Group, LLC has announced that Macquarie Infrastructure Partners III (MIP III) has made strategic investment in the company. MIP III is a diversified, closed end fund that focuses on investments in infrastructure and related assets in the US and Canada, and is managed by an entity within the Macquarie Infrastructure and Real Assets division of the Macquarie Group.

MIP III - as part of an initial investment of approximately US$280 million - has acquired a 42.5% equity interest in the company from Catalyst Investors II, L.P. and other minority investors. MIP III has also committed to additional future investments to promote InSite’s continued growth.

InSite owns, operates, and manages wireless telecommunications tower site facilities and distributed antenna systems (DAS) across the United States, Puerto Rico, U.S. Virgin Islands, Canada, and Australia. InSite will continue to be led by its existing management team headed by co-founders David E. Weisman, President and CEO, and Lance C. Cawley, CFO. Cox Enterprises—and several of its subsidiaries—and Catalyst Investors IV, L.P. will continue to be investors in InSite.

The purchase agreement was signed by the parties on July 1, 2016. The transaction was subject to customary regulatory approvals and closing conditions, and was closed effective July 29, 2016.

Evercore served as financial advisor to InSite and Lowenstein Sandler LLP and Sullivan and Worcester LLP provided legal counsel. Guggenheim Securities served as financial advisor to MIP III and White & Case LLP provided legal counsel.

Mr. Weisman describes the new partnership as groundbreaking:

"The MIP III investment in InSite represents a significant growth opportunity for us. We’re delighted to partner with an experienced investor that has such a keen understanding of the wireless telecommunications infrastructure space. Having MIP III join our current institutional investors—Catalyst Investors and Cox—is a giant step forward toward an exciting future for InSite."

Karl Kuchel, Chief Executive Officer of Macquarie Infrastructure Partners Inc. said:

"We are very pleased to become a major investor in InSite. The company has an experienced management team that has delivered strong growth over many years. We look forward to partnering with this team, Cox, and Catalyst to support InSite’s future growth."

Pat Esser, President of Cox Communications stated:

"We believe that wireless infrastructure represents an attractive area for long-term investment. We are excited to welcome MIP III as an investor and believe that InSite has emerged from this transaction as a truly unique provider in the industry, well-positioned for long-term strategic growth."

Todd Clapp, Partner with Catalyst Investors added.

"It has been a privilege to be a part of InSite's tremendous growth and success over the last six years. David and his team delivered an exceptional return on our initial investment. We are thrilled to continue as an investor and as a partner with Macquarie Infrastructure Partners and Cox."