Harmoni Towers Completes Acquisition of Parallel Infrastructure
SMALL ROCK, Ark., November 3, 2022 /PRNewswire/ — Harmoni Towers (“Harmoni”), a portfolio company of Palistar Capital LP (“Palistar”), an alternative asset manager focused on critical communications infrastructure, announced today that it has completed its acquisition of Parallel Infrastructure ( “Parallel”), a leading tower platform and custom build provider. The combined company is the fifth-largest tower company and the second-largest independent private tower company in the United States, with more than 2,000 towers built and under construction across the United States. Parallel was acquired from funds managed by subsidiaries of Apollo Global Management, Inc. (“Apollo”).
Omar Jaffrey, Managing Partner and Founder of Palistar, said, “We look forward to the continued development of the combined platform, enabling greater 5G access and coverage for our wireless operator customers. Palistar plans to roll out to $1 billion to expand and further develop the platform.
“We are delighted to complete this transaction in partnership with the Parallel team as we seek to develop and improve the solutions we offer our customers,” said Laurent GlesonCEO of Harmoni.
Palistar and Harmoni were advised by Kirkland & Ellis LLP. Parallel and Apollo were advised by Weil, Gotshal & Manges LLP
About Harmoni Towers
Harmoni Towers, a portfolio company of Palistar Capital LP, owns, operates and builds critical communications infrastructure. The company focuses on acquiring and building communications networks and works with clients in a wide variety of situations, including monetizing existing assets and developing new sites. Harmoni works with wireless carriers 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 United States, with more than 1,000 sites built or under development. Palistar acquired Harmoni in June 2020 from Uniti Group. For more details, please visit https://harmonitowers.com/.
About Parallel Infrastructure
Parallel Infrastructure designs, builds, owns and operates the highest caliber telecommunications infrastructure. In partnership with industry owners and vendors, Parallel serves wireless service providers of all sizes. Together, the company is creating a more connected future. For more information, please visit https://pitowers.com/.
About Palistar Capital
Palistar Capital LP is an alternative asset manager led by managing partner and sole founder, Omar Jaffrey, specializing in communications infrastructure. The company seeks to invest through direct asset ownership as well as developing innovative financing solutions to complex issues for the world’s leading communications companies. To learn more about Palistar, visit www.palistar.com.
Palistar and Harmoni
Steve Bruce / Mary Beth Grover
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