Middle market private equity firm Pamlico Capital is to sell Wilcon Holdings to Crown Castle International for USD600 million (subject to limited adjustments).
Founded in 1998, Wilcon is a West Coast provider of fibre and data centre infrastructure solutions.
Pamlico acquired Wilcon in partnership with management in 2012, and has supported the company’s various initiatives over the last five years, including building out the management team, completing the Freedom Dark Fiber Networks acquisition in 2013 and expanding the company’s product offerings and addressable market through the “lighting” of the network.
“Pamlico has been a great partner to Wilcon over the past five years and enabled us to expand our fibre footprint and enhance our product offering to better serve the Southern California market,” says Jon DeLuca, Wilcon’s chief executive officer. “We have truly enjoyed our partnership with Pamlico and are excited to be a part of Crown Castle and further expand our capabilities for our valued customers in our next phase of growth.”
“We have enjoyed partnering with Jon DeLuca and his team as they significantly increased the company’s fibre footprint, completed a strategic acquisition, and enhanced the Company’s value proposition to its customers, and successfully scaled the business during our ownership,” says Scott Stevens, a partner at Pamlico.
“Wilcon was a great investment for Pamlico, our limited partners, and most importantly the Wilcon management team. We appreciate Jon and his team’s efforts on behalf of Pamlico and wish them continued success under Crown Castle,” says Walker Simmons, a partner at Pamlico.
The closing of the transaction, which is expected to occur in the third quarter of 2017, is subject to the satisfaction of customary closing conditions, including, among others, the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvement Act of 1976, all as determined in accordance with the merger agreement.
Wilcon and Pamlico were advised by The Bank Street Group (financial adviser) and Alston & Bird (legal adviser).
