InfraRed Capital Partners, an infrastructure private equity firm, today announced the launch of Public Safety Towers, LLC (PSTC), an independent tower company in the United States led by Chris Odenthal, alongside a $50m equity commitment.
Public Safety Towers (PSTC) – Overview
Public Safety Towers (PSTC) is headquartered in Carlsbad (near San Diego), California and currently owns an initial seed portfolio of telecommunication towers located in California. Additionally, the company will construct new towers in areas that are currently underserved.
Uniquely, PSTC focuses on servicing commercial data consumption as well as providing reliable wireless coverage to first responders.
First Responders
PSTC will provide improved and more reliable wireless cellular coverage to serve local communities, including first responders such as police, firefighters, and paramedics, who rely on connectivity to perform critical jobs.
Management
PSTC’s management team has previously built and operated telecommunications and public safety enterprises in the United States. Specifically, Chris Odenthal serves as Chief Operating Officer of InfraRed Capital’s PSTC, leading the day-to-day operations of the company.
Previously, Odenthal spent over 7 years with Jacobs (NYSE: J), an engineering and design consultancy, where he managed the design, construction, and implementation of a dedicated public safety land mobile radio (LMR) and 4G LTE data network.
Additionally, Odenthal has experience building the Los Angeles Regional Interoperable Communications System (LA-RICS) which will improve radio and broadband communication for police, firefighters, paramedics, and other emergency responders in Los Angeles County.
Funding
InfraRed Capital is committing $50m of equity to PSTC for its initial roll-out of towers. Subsequently, the firm expects to deploy more capital, over time, as PSTC’s tower build program expands.
Transaction Advisors – Public Safety Towers (PSTC) and InfraRed Capital
PSTC’s financial advisor was Houlihan Lokey. Additionally, PSTC’s legal advisor was Greenberg Traurig. Finally, InfraRed Capital’s legal advisors were Phillips Lytle and Procopio, Cory, Hargreaves & Savitch.
InfraRed Capital Partners – Overview
InfraRed Capital Partners is headquartered in London, UK and manages $10bn+ of equity capital in multiple private and listed funds. The firm is 80%-owned by SLC Management, which is the institutional alternatives and asset management business of Sun Life Financial.
InfraRed focuses on value-add infrastructure investing globally, in both greenfield and brownfield assets. Particularly, the firm invests across the social, transportation, and renewable energy infrastructure sectors. Within digital infrastructure, InfraRed most recently made a £125m commitment to Complete Technology Group (CTG), a UK provider of fiber consulting, planning, audit, and installation services to landlords.
