Parent selling National Grid Wireless US

BOXBOROUGH, Mass. – National Grid Wireless US, a provider of wireless and fiber-optic infrastructure to the communications industry, today announced that M/C Venture Partners and Wachovia Capital Partners have agreed to purchase the business from U.K.-based parent company National Grid Plc.
Financial terms were not disclosed.
“This transaction is great news for the company and its customers,” said CEO Doug Wiest, who will continue to lead the company. “National Grid Wireless US is a rapidly growing, profitable business in an expanding segment of the marketplace.” Over the past five years, it has grown its revenue by 45 percent and EBITDA by 51 percent.
“We believe National Grid Wireless US operates an attractive portfolio of communications infrastructure assets that is well-positioned to benefit from continued growth in wireless and broadband communications,” said Jim Wade, managing general partner at M/C Venture, and Walker Simmons, a partner with Wachovia Capital, in a joint statement.
“Our new investors have extensive experience financing leading communications companies and share management’s vision for the future of the business,” Wiest said. “The transition of ownership to M/C Venture Partners and Wachovia Capital Partners will be seamless for our customers, employees and business partners.”
NG Wireless has about 350 communications towers and more than 1,000 route miles of unused fiber-optic capacity.
National Grid Wireless US – a wholly-owned subsidiary of U.K.-based National Grid Plc. – has 120 employees at its headquarters in Boxborough, Mass., and offices in Clifton, N.J., Columbia, Md., and Syracuse and Rochester, N.Y. Additional information is available at www.nationalgridwireless.com.