Investments


CiG Wireless


Wireless Telecommunication


Wellington, Florida


August 2013


May 2015


www.cigwireless.com

Overview

Titan Grove exited in May 2015, after its initial investment in August 2013 from CiG Wireless. CiG Wireless, an independent owner and operator of wireless cellular towers in the United States, was acquired for approximately $150mm by an affiliate of Vertical Bridge Holdings, LLC, a private owner and manager of wireless communication infrastructure in the United States.


Investment Highlights

  • Initial $35mm preferred stock investment for 47.5% of the fully-diluted common equity, plus a $25mm accordion feature for additional preferred stock for acquisitions, $9mm of which was funded
  • Public company structured transaction
  • Initial transaction was negotiated and closed within 23 days
  • Partnership with existing management, including newly adopted management incentive plan
  • Initial funding facilitated simultaneous closing of two acquisitions more than doubling CiG’s size and de-levering the business
  • Two of the five board seats held by Titan Grove and Fir Tree executives
  • Additional $8mm funded as unsecured debt on favorable terms outside of accordion to fulfill company’s operational needs
  • This transaction was sourced, negotiated, structured, and co-managed by Titan Grove, and was funded by various Fir Tree entities