August 16, 2007
National Grid Wireless Changes Name to Lightower
National Grid Wireless announced today that it has changed its corporate name to Lightower. The name change comes after the completion of the purchase of the wireless assets, fiber optic infrastructure and wireless services organization by M/C Venture Partners and Wachovia Capital Partners, announced in May 2007.
"We're excited to have selected a name that truly communicates our business and our vision for this company moving forward, now that we are no longer a part of National Grid," said Doug Wiest, Lightower's CEO. "The transition of ownership, as well as our name change, is rejuvenating for all of us here at Lightower. Both are important steps in our company's evolution, positioning us for success in a rapidly growing, profitable marketplace.""Lightower controls an attractive portfolio of communications infrastructure assets," said Jim Wade, Managing General Partner with M/C Venture Partners. "We believe these assets are well sited and prepared to exploit the continued growth in wireless and broadband communications."
Walker Simmons, Partner with Wachovia Capital Partners, adds, "The management team of Lightower is top notch and the company's success and performance record demonstrate its skill. We look forward to supporting their ongoing efforts with the strategic and financial resources required to expand this business."
Lightower operates an extensive communications network infrastructure portfolio consisting of approximately 350 communications towers, access to over two million distribution poles, and the most extensive dark fiber network in New England, with over 1,100 available route miles. In addition, the company is a pioneer in outdoor distributed antenna systems (DAS), having launched the first, multi-carrier DAS in the US on Nantucket three years ago.
Those interested in learning more about Lightower can visit their Web site at www.lightower.com.
Lightower is a leading full service provider of turnkey wireless infrastructure, fiber networks, and managed backhaul services throughout the United States. The company provides core expertise in all aspects of site deployment, from single sites to large, capital-intensive, technically advanced systems and networks. Lightower is headquartered in Boxborough, MA.
About M/C Venture Partners
M/C Venture Partners is a venture capital firm focused exclusively on the communications, media, and information technology sectors. The firm has invested over $1.8 billion into nearly 80 companies in those sectors. Companies the firm has backed include MetroPCS, Cavalier Telephone, TeleCorp PCS, Triad Cellular, Crowley Cellular, and Brooks Fiber. The firm has strong institutional backing from the nation's leading pension funds and endowments as well as a long track record of success. M/C Venture Partners has offices in Boston and San Francisco.
About Wachovia Capital Partners
Wachovia Capital Partners (WCP) is the private equity investing arm of Wachovia Corporation, the fourth largest bank holding company in the U.S. Since the group's inception in 1988, WCP has invested in excess of $3.3 billion of private equity capital on behalf of Wachovia. WCP's current investment portfolio is comprised of 48 companies representing roughly $1.1 billion in invested capital.