US private equity firm Peterson Partners has invested $4m in QMC Telecom International, a Brazilian-based developer of cell phone towers.
QMC said it will use the investment to begin development and construction of cell towers throughout Brazil. The investment was part of a larger syndicated deal led by Housatonic Partners, a private equity investment firm based in Boston, US.
QMC Telecom aims to develop hundreds of cell phone masts within Brazil. With a population of nearly 200 million people, Brazil is a developing market with a rising middle class. Brazil ranks fifth in the world in the number of cell phones in use.
“The existing cell tower infrastructure in Brazil is fragmented and is not going to meet the country’s growing needs,” said Brandon Cope, partner at Peterson Partners.
“As Brazilians purchase more mobile devices and upgrade their existing data plans there is a growing need for more cell tower infrastructure.”
QMC Telecom was founded by Rafael Samoza and Jose Stella, whose first venture was an outdoor advertising billboard business in Puerto Rico. The team also has experience in building cell towers in Puerto Rico.
“We have known Rafael and Jose for many years and have had a wonderful working relationship,”
Cope added. “They have a track record of success and we are excited about working with them again.”
Peterson Partners is based in Salt Lake City, Utah, and has invested in companies including JetBlue, Making Memories, EnergySolutions, 3form, Cranium, Asurion, Instashred, Winder Farms and Diamond Rental.
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