Press release
TPG to Acquire Peppertree Capital Management
Strategic Transaction Drives Continued Diversification of TPG with Further Expansion into Digital Infrastructure Peppertree to Benefit from TPG’s Scale,
About this update from Tpg Inc.
[{"type":"text","content":"\nStrategic Transaction Drives Continued Diversification of TPG with Further Expansion into Digital Infrastructure\n\nPeppertree to Benefit from TPG’s Scale, Relationships, and Deep Adjacent Internet and Communications Expertise\n\n SAN FRANCISCO & FORT WORTH, Texas & CHAGRIN FALLS, Ohio--(BUSINESS WIRE)--\nTPG Inc. (NASDAQ: TPG), a leading global alternative asset management firm, and Peppertree Capital Management, Inc. (“Peppertree”), a leading specialized digital infrastructure investment firm with a focus on wireless communications towers, today announced that they have entered into a definitive agreement under which TPG will acquire the Peppertree business in a cash and equity transaction estimated to include up to $242 million in cash and up to $418 million1 in equity, payable at closing, in each case, subject to certain adjustments. The transaction also includes earnouts based on Peppertree’s future performance valued at up to $300 million.\n\nFounded in 2004 and with $7.7 billion in assets under management, Peppertree invests in wireless communications towers and related critical communication infrastructure assets to address evolving network and data demand worldwide. Peppertree has made more than 175 investments through ten flagship funds, supporting the construction and acquisition of more than 10,000 wireless communication infrastructure assets as a preferred capital source to developers. As a strategic partner to tower developers, Peppertree is well-positioned to identify new tower development and expansion opportunities across key markets and adjacent network-related assets, including spectrum licenses, fiber networks, distributed antenna systems, small cells, and ground and rooftop rights. The firm has achieved significant growth since inception, while maintaining strong performance and significant fundraising momentum through various market cycles.\n\nPeppertree Co-Presidents Howard Mandel and Ryan Lepene will continue to lead Peppertree’s investing strategy, with additional support from TPG, alongside Peppertree’s existing team of experienced investment and operational professionals.\n\nUpon the close of the transaction, Peppertree will provide TPG immediate scale in wireless communications tower and network infrastructure development, a core subset of the growing digital infrastructure sector. This scale is exp...