Global Tower Partners picked up 32 towers from Pine Belt Cellular Inc., a telecommunications provider offering service in west central Alabama. The companies did not disclose the purchase price. Pine Belt will continue to be a tenant on the towers.
This acquisition is the latest in a string of buys for Boca Raton, Fla.-based GTP. The tower company announced two purchases in September and closed on 42 acquisitions in 2009.
“Over the years we have considered the tower sale leaseback proposition a couple of times but for one reason or another it just never seemed like the right thing for us to do. However, following all the recent financial upheavals, in early 2010 we decided it was time to look again. Very early into the process, it became evident that GTP is the type of company that recognizes, understands, appreciates and respects the fact that small rural operators such as Pine Belt remain viable growth prospects and add value to the total telecom landscape. It was also became clear to us that GTP’s use of the word ‘partner’ in their company name has real meaning to the GTP management team and I couldn’t be more excited than I am right now as to our future prospects resulting from the relationship we have forged.” said John Nettles, Pine Belt president.
“We are excited to have completed this transaction with Pine Belt and to continue our long standing reputation of executing sale leaseback transactions with regional carriers to the mutual success of both parties” said Marc C. Ganzi, CEO of Global Tower Partners. “In operation since 1958,
Pine Belt represents a long standing telecommunications pioneer and we are proud that they have
chosen to partner with us.”
Pine Belt offers local, wireless, long-distance and high-speed Internet services to dozens of rural communities in west central Alabama.