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NewPath Networks raises USD47m in private equity financing

Seattle-based NewPath Networks, a specialist in the design, development and operation of fibre-fed distributed antenna system wireless carrier networks, has announced USD47m in new inve

Seattle-based NewPath Networks, a specialist in the design, development and operation of fibre-fed distributed antenna system wireless carrier networks, has announced USD47m in new investment funding in a private placement offering, of which USD30m was closed on 20 April.

The financing was led by Charterhouse Group, a private equity investment firm in New York, joined by Meritage Funds, a venture capital firm in Denver, Colorado, and existing investor Sweetwater Capital, a venture capital firm in Red Bank, New Jersey.

Proceeds from the financing will be used for network expansion through acquisitions and organic growth in existing and new markets across the US.

"We’ve seen a significant increase in the need for network capacity and coverage to support wireless voice, video and data services, which makes it even more critical for wireless operators to put measures in place to accommodate such demand," says Mike Kavanagh, chief executive officer of NewPath Networks. "The depth and breadth of telecom and wireless experience from Charterhouse, Meritage, and Sweetwater, combined with their capital resources puts NewPath in a strategic position to expand footprint and grow the business."

"Given the continued demand for wireless voice and particularly bandwidth-intensive multimedia and data services, NewPath is poised to provide quickly deployable and cost-effective solutions for wireless networks that are already capacity constrained," says Bill Marraccini, co-founder and chairman of the board of NewPath Networks and managing partner at Sweetwater Capital. "We’re confident that NewPath will continue to deliver on a viable business model and DAS solutions that enable wireless service providers to add capacity and coverage to meet demand for wireless services in areas where adding conventional antenna towers is not practical. Charterhouse and Meritage are a perfect fit for NewPath’s expansion plans and its capital and strategic needs in that regard."

Currently, NewPath Networks is a public utility operating in 31 states. The company’s distributed antenna system networks increase wireless capacity and assure wireless coverage in commercial and residential communities where they are deployed.

RBC Daniels acted as exclusive financial adviser to NewPath Networks in the transaction.

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