Founding Shareholders Exit Vertical Bridge After Successful
Seven-year Investment
The Jordan Company, the infrastructure business within Goldman
Sachs Asset Management, and Stonepeak Partners, founding
shareholders in Vertical Bridge Holdings, LLC, today announced the
sale of their interests in the business following a successful
seven-year investment. Financial details of the sale transaction
were not disclosed.
Vertical Bridge is the largest private owner and operator of
wireless communications infrastructure and locations in the United
States. Since its inception in 2014, Vertical Bridge has completed
more than 300 acquisitions and grown its portfolio to more than
308,000 sites, including over 8,000 owned and master-leased towers
and the nation’s largest and tallest collection of broadcast tower
sites.
“I could not be more proud of the talented team at Vertical
Bridge that has driven our significant growth and scaled our
platform to meet the evolving needs of our customers,” said Alex
Gellman, CEO and Co-Founder of Vertical Bridge. “We are grateful
for the strategic support and resources The Jordan Company, Goldman
Sachs and Stonepeak have provided as we have grown the business and
built innovative infrastructure solutions for customers. We look
forward to the next chapter for Vertical Bridge in partnership with
institutional investors who have embraced our private, permanent
and at scale growth strategy for the business.”
“We’re proud to have been part of the company’s journey since
inception, which has been characterized by best-in-class
leadership, substantial platform expansion and industry leading
growth,” said Eion Hu, Partner at The Jordan Company.
“We have really enjoyed partnering with the Vertical Bridge team
on this journey and we wish them the best as they continue to drive
growth and build value,” said Leonard Seevers, Managing Director
within Goldman Sachs Asset Management.
“Our partnership with Alex and the Vertical Bridge team is the
culmination of a long-held, shared conviction in the increasing
criticality of wireless infrastructure and successful execution of
our strategy in the sector,” said Brian McMullen, Senior Managing
Director at Stonepeak.
The transaction is subject to various regulatory approvals and
is expected to close in the fourth quarter of 2021.
ABOUT VERTICAL BRIDGE
Vertical Bridge REIT, LLC is the largest private owner and
operator of communications infrastructure and locations in the
United States. The Company owns, operates and master leases over
308,000 tower, rooftop, billboard, utility attachment, convenience
store and other site locations in support of wireless network
deployments. Based in Boca Raton, Florida, Vertical Bridge was
founded in 2014. The senior management team at Vertical Bridge has
over 300 years of collective experience in tower infrastructure and
related sectors. In 2020, Vertical Bridge added over 1,300 owned
towers to its portfolio, including those from its acquisition of
towers from Cumulus Media Inc. (NASDAQ: CMLS), its merger with
Eco-Site and from another record year of newly-built towers.
Vertical Bridge is certified CarbonNeutral® and in 2020, became the
first tower company in the world to reach net-zero emissions. For
more information, please visit www.verticalbridge.com.
ABOUT THE JORDAN COMPANY
The Jordan Company, founded in 1982, is a middle-market private
equity firm with original capital commitments in excess of $16
billion with a 39-year track record of investing in and
contributing to the growth of many businesses across a wide range
of industries. The senior investment team has been investing
together for over 20 years, and they are supported by the
Operations Management Group, which was established in 1988 to
initiate and support operational improvements in portfolio
companies. Headquartered in New York, TJC also has an office in
Chicago. For more information, visit www.thejordancompany.com.
ABOUT GOLDMAN SACHS ASSET MANAGEMENT
INFRASTRUCTURE
Bringing together traditional and alternative investments,
Goldman Sachs Asset Management provides clients around the world
with a dedicated partnership and focus on long-term performance. As
the primary investing area within Goldman Sachs (NYSE: GS), we
deliver investment and advisory services for the world’s leading
institutions, financial advisors and individuals, drawing from our
deeply connected global network and tailored expert insights,
across every region and market—overseeing more than $2 trillion in
assets under supervision worldwide as of June 30, 2021. Driven by a
passion for our clients’ performance, we seek to build long-term
relationships based on conviction, sustainable outcomes, and shared
success over time. Goldman Sachs Asset Management invests in the
full spectrum of alternatives, including private equity, growth
equity, private credit, real estate and infrastructure. Established
in 2006, the Infrastructure business within Goldman Sachs Asset
Management has consistently navigated the evolving infrastructure
asset class, having invested approximately $13 billion in
infrastructure assets across market cycles since its inception. We
partner with experienced operators and management teams across
multiple sectors, including digital infrastructure, energy
transition, transportation & logistics and essential services.
Follow us on LinkedIn.
ABOUT STONEPEAK
Stonepeak is a leading alternative investment firm specializing
in infrastructure and real assets with approximately $37 billion of
assets under management. Through its investment in defensive,
hard-asset businesses globally, Stonepeak aims to create value for
its investors and portfolio companies, and to have a positive
impact on the communities in which it operates. Stonepeak sponsors
investment vehicles focused on private equity and credit. The firm
provides capital, operational support, and committed partnership to
sustainably grow investments in its target sectors, which include
communications and digital infrastructure, transport and logistics,
water, energy transition, and power and renewable energy. Stonepeak
is headquartered in New York with offices in Houston, Austin and
Hong Kong. For more information, please visit
https://stonepeakpartners.com/.
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version on businesswire.com: https://www.businesswire.com/news/home/20210810005621/en/
Vertical Bridge Erica Dotterer
Vertical Bridge EDotterer@verticalbridge.com (561) 406-4032
Alex Stanton Stanton Public Relations & Marketing
astanton@stantonprm.com (212) 780-0701
The Jordan Company Kristin Custar
kcustar@thejordancompany.com (212) 572-0800
Goldman Sachs Asset Management
Infrastructure Leslie Shribman leslie.shribman@gs.com (212)
902-5400
Stonepeak Kate Beers
beers@stonepeakpartners.com (646) 540-5225
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