Mobilitie

Private Equity Manager (GP)

Case study

About the company

Mobilitie develops and operates networks and infrastructure that wireless carriers rely upon to provide coverage for their customers. The company primarily focuses on installing indoor and outdoor distributed antenna systems (“DAS”) and Wi-Fi networks in venues with high footfall such as sports stadiums, convention centres, casinos, hospitals, shopping malls, hotels, college campuses and entertainment venues.

Investment Rationale

• Increasing network demand both in the number of wireless users and the data usage of wireless interactions.
• Proven management team with long-term relationships with all major wireless carriers.
• Long-term contracted revenue streams.

Our relationship

Pantheon has a well-established relationship with Shamrock Capital Advisors (“Shamrock”) dating back to 2012. PIP is a primary investor in two Shamrock funds and has participated in three co-investments alongside the manager.

Active management and value creation

During the investment period, the Mobilitie asset portfolio expanded to include:

• 118 DAS networks;
• 10 Wi-Fi networks; and
• 290 towers.

Additionally, in September 2020, Mobilitie signed a strategically important agreement with the San Francisco Bay Area Rapid Transit District, the nation’s fifth busiest public transportation system by ridership, to provide a complete DAS, Wi-Fi and fibre network services platform.

Exit

Mobilitie was acquired by BAI Communications in September 2021, providing a full exit for Shamrock and for PIP.