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Titan Grove Completes Sale of Modus, A Leading Provider of 5G Infrastructure Services, To Bow River Capital
September, 1 2020 | Software Growth Equity
• Modus is the first certified B Corp in the telecom infrastructure industry and its sale represents a watershed event for the sector.
• Modus plays an important role in the nation’s 5G buildout, which will be a key enabler of transformational changes across industries and radically improve how people and devices connect. The deployment of the next generation of wireless has the potential to create upwards of one hundred thousand skilled jobs for Americans.
Titan Grove Holdings (“Titan Grove”) announced today that it has completed the sale of NextEdge Networks Holdings and its wholly-owned subsidiary, Modus (collectively, “Modus”), to Bow River Capital (“Bow River”), a private equity firm based in Denver, Colorado.
Modus was built upon a simple thesis with clear supporting goals: i) the U.S. presents a highly attractive market opportunity with 5G network buildout expected to span many years, ii) 5G networks support smart city infrastructure and deliver a range of related social and environmental benefits and iii) a B Corp designation would prove out the ability for businesses to both be profitable and a force for good. Modus has since grown rapidly, with its operating footprint spanning from the West Coast to Texas and Louisiana. At its core, Modus facilitates space, power, and connectivity for its telecommunication partners. Its offerings have expanded to include site acquisition, design and engineering, construction, installation and maintenance. More notably, Modus’ societal impact is nationally recognized and the Company was named the “Corporate Sustainability” winner at the Heroes of Telecom awards in 2019.
“I am incredibly proud about what the Modus team, led by CEO Chris Maguire, has achieved over the last four years. It is a testament to the quality and commitment to excellence of our people”, said Jeffrey Tannenbaum, Chairman of the Board of Modus and founder of Titan Grove. Tannenbaum further stated, “The Modus team has done an extraordinary job building a scalable business that will drive the acceleration of smart city infrastructure and skilled worker job creation while also demonstrating how B Corps can serve as model corporate citizens. I am delighted with the choice of Bow River as the next partner for Modus given their track record, strong support for the team, commitment to maintaining Modus’ B Corp status and desire to foster a culture focused on growth, excellence and societal good.”
Chris Maguire, Modus’ Chief Executive Officer, said, “Modus’ innovation and significant commercial success exemplify the incredible commitment of all our team members to delivering superior service to our growing customer base. Our leadership team and positive culture that Modus co-founders Chad Abbott and Erik Corkery have astutely built support this in full.” Maguire and co-founders Chad Abbott and Erik Corkery stated, “On behalf of the Modus team, we would like to thank Jeff Tannenbaum and Board Member Scott Troeller for their consistent guidance and support that facilitated our tremendous growth.”
Bow River Capital seeks to invest in leading middle market companies that advance the country’s infrastructure by improving built environments and our network infrastructure. “Modus is a standout player in small cell deployment and smart city solutions led by a highly accomplished management team”, commented Greg Hiatrides, Managing Director at Bow River Capital. He added, “We are fortunate to have the opportunity to join the Modus team and support the next phase of growth while serving our loyal customer base and creating long term career opportunities for its differentiated staff.” Robert Fortier, Vice President at Bow River Capital, commented, “Smart cities, industrial automation, autonomous vehicles, and the evolution of connectivity and communication all depend upon a densified next generation wireless network. On behalf of its customers and their communities, Modus solves the challenges of network deployment and densification. We look forward to our journey with Modus and the potential innovative use cases brought forth by the next generation of wireless networks”.
Together, we are also pleased to announce that Platform Partners is investing alongside Bow River Capital and company management. Fred Lummis, Platform Partners’ Chairman, will join the Board of Directors to support Modus’ strategic vision. Mr. Lummis is an industry veteran who previously served as Chairman of American Tower.
Houlihan Lokey served as financial advisor to Modus.
About Modus
Modus is leading 5G infrastructure services company that focuses on identifying, designing, engineering, constructing, installing and maintaining 5G small cell networks. Modus has deployed thousands of wireless telecommunications facilities in the most challenging municipalities in the Western United States and has emerged as an industry leader in designing, building, retrofitting and modifying these networks not only to the satisfaction of its customers but also the communities in which it works. Today, Modus is actively deploying 5G technologies throughout California, Louisiana, Oregon, Texas and Washington. For more information on Modus, please visit www.modusllc.com.
About Titan Grove Holdings
Titan Grove is a private holding company that builds and owns profitable, impact-driven businesses that transform industries and promote sustainable, healthy and just capitalism. Titan Grove achieves this mission by working with exceptional entrepreneurs, innovators and institutions. sPower, which Titan Grove co-founded and helped build into the largest solar utility in the U.S., is indicative of Titan Grove’s strategy. For more information on Titan Grove, please visit www.titangrove.com.
About Bow River Capital
Founded in 2003, Bow River Capital is a private alternative asset management company based in Denver, Colorado, focused on investing in the lower middle market in three asset classes, including private equity, real estate and software growth equity. For more information on Bow River, please visit www.bowrivercapital.com.
About Platform Partners
Platform Partners is a private company based in Houston, TX that invests through a perpetual holding company structure allowing for a long-term, patient approach to partnering with entrepreneurs to build industry leading companies. For more information on Platform Partners, please visit www.platformllc.com.