Harmoni Towers, a portfolio company of Palistar Capital, an alternative asset manager focused on mission-critical communications infrastructure, announced that it has agreed to acquire Parallel Infrastructure, a leading tower platform and build-to-suit provider, from funds managed by affiliates of Apollo Global Management.
The transaction creates the fifth largest tower company and the second largest private independent tower company in the U.S., with more than 2,000 built and in-construction towers. The combined company will have locations spanning the country from coast-to-coast across 41 states, with the capacity to build hundreds of towers per year in all regions of the U.S.
In 2020, Apollo acquired Parallel through a corporate carve-out transaction via its second flagship infrastructure fund (AIOF II). As part of its value creation plan, Apollo stood up the business as an independent tower platform, and approximately doubled its size during the following two years. The sale of Parallel represents the first realization of AIOF II.
Harmoni is one of the most active tower builders in the U.S., with over 1,000 sites constructed or in development. Harmoni owns, operates, and builds mission-critical communications infrastructure and is focused on the acquisition and construction of communication networks. Parallel, based in Charlotte, North Carolina, designs, builds, owns and manages critical telecommunications infrastructure, including a cell tower portfolio of about 1,000 sites, for service providers of all sizes in partnership with property owners and industry vendors.
Lawrence Gleason, CEO of Harmoni Towers
This transaction is a major milestone in Harmoni's continued growth and evolution. It enables us to even better serve our carrier customers with an enhanced and fully scaled base of installed towers across the country, as well as provide one of the largest and most robust tower building platforms in the United States. Parallel is a world-class organization and we could not be more excited about this acquisition.
Yannis Macheras, CEO of Parallel Infrastructure
Parallel is thrilled to be rolling into the Harmoni enterprise, lending its experience, talent and diverse portfolio to a new, enhanced organization focused on providing best-in-class service to our customers and landowners. Both organizations collectively are excited about integrating and leveraging our complementary attributes, and quickly emerging as the highest standard for both tower development and ownership.
