Milwaukee-based private equity firm Borgman Capital announced that it has acquired a pair of East Coast cell tower construction companies.
Borgman Capital has acquired Skinner & Cook Inc. from Richard Sarni and Eileen Perretta-Blum and Gordonsville, Virginia-based Virginia Tower Construction LLC from founders Jeff Hoffman and Thomas Fulton.
Terms of the deals were not disclosed. Waukesha-based Ailco Equipment Finance Group Inc. provided financing for the transaction. There were 48 limited partners of Borgman Capital who provided equity for the deal. Milwaukee-based Reinhart Boerner Van Deuren s.c. served as legal counsel for the transaction.
In a news release, Borgman Capital said these are the first two acquisitions of a larger roll-up strategy to build a presence in the cell tower construction, technology installation, service and maintenance space. These entities will be known as AscendTek LLC.
"We are excited to close on these first two transactions," said Rick Ploeckelmann, operating partner of Borgman Capital and president of AscendTek LLC. "These companies are well positioned to capitalize on the rapid expansion of the cell tower industry being driven by the 5G network infrastructure roll-out and asset upgrades"