Milwaukee-based private equity firm Borgman Capital acquired Illinois-based Communication Builders and Georgia-based Sky Telecom, Inc., the Milwaukee firm announced Monday.
The two acquired companies, known for their work in telecommunications infrastructure, maintenance, and asset upgrades, will be joining Borgman Capital’s AscendTek team.
In August of 2019, Borgman Capital purchased a pair of East Coast cell tower construction companies, which formed AscendTek LLC. When AscendTek was formed, the private equity firm revealed the beginning of a larger roll-up strategy to build a presence in the cell tower construction, technology installation, service, and maintenance space.
Now compromised of four companies, AscendTek will be positioned to compete on a much larger regional scale to capitalize on the rapid expansion of the wireless communications industry being driven by 5G network infrastructure roll-out and asset upgrades, Borgman Capital stated in a press release.
“These companies have dedicated and respected teams in the Midwest and Southeastern regions, which will pave the way for AscendTek to expand into new geographies and thus serve our customers in a greater capacity,” Borgman Capital said in a statement.
The private equity firm purchased Communication Builders from Common Sail Investment Group and Sky Telecom from former owner Matt Hush. Associated Bank provided senior financing while Milwaukee-based Reinhart Boerner Van Deuren s.c. served as legal counsel.
Accounting diligence and advisory services for the transaction were performed by Wipfli LLP.
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