Caisse de dépôt et placement du Québec (CDPQ) has become the latest long-term investor to back Vertical Bridge, the largest private owner of telecommunications tower infrastructure in the US.
CDPQ, which manages C$309.5bn (€207.22bn) funds primarily from public and parapublic pension plans, is investing an undisclosed amount for a 30% stake in the main operating subsidiary of Vertical Bridge.
In a joint statement, Vertical Bridge said it will use the investment from CDPQ to continue to expand its portfolio of broadband and broadcast towers, small cells, real estate and other wireless infrastructure assets ahead of 5G deployment.
CDPQ joins a diverse group of investors who have supported Vertical Bridge since its founding in 2014. The group includes Digital Bridge, The Jordan Company, Goldman Sachs Infrastructure Partners, Stonepeak Infrastructure Partners, The Edgewater Funds, California State Teachers’ Retirement System and Dock Square Capital. The Vertical Bridge executive team also holds a significant stake in the business.
Emmanuel Jaclot, executive vice‑president, infrastructure at CDPQ, said: “With this acquisition, we expand our exposure to telecommunications infrastructure by partnering with a first‑class operator that is strategically positioned in the market and brings a wealth of knowledge of the industry.
“We are delighted to work alongside the Vertical Bridge team, and support the company’s next stages of development and long-term growth in an attractive wireless infrastructure sector.”
Alex Gellman, CEO and co-founder of Vertical Bridge, said: “Two key goals since the day we were founded have been to be a leader in wireless communications infrastructure and to have longevity as a private company.
“The commitment from CDPQ – as well our current investors’ ongoing support – will allow us to continue to meet these objectives.”
Marc Ganzi, executive chairman of Vertical Bridge and co-founder and CEO of Digital Bridge, said: “As the world prepares for the next generation of mobile technology, and coverage and capacity demands rise, their support and guidance will be a vital asset to the Board and to the management team as we collaborate to achieve our goals and support carriers by providing best-in-class digital infrastructure solutions.”I