TORONTO — Canadian telecom services provider Wesbell Technologies and Wesbell Investment Recovery today announced the successful closing of an undisclosed amount of equity investment in the company led by FirePower Equity, with Crédit Mutuel Equity and Trilogy Capital also investing.
The Wesbell Group of Companies provides cell tower engineering, site acquisition, steel fabrication, installation and investment recovery services to a variety of carrier, broadcast and corporate clients. Currently, the company has operations across Canada and the eastern and midwestern United States, with more than 300 employees and a client base that includes most of the major providers.
Calling the equity investment “significant”, Wesbell says the transaction will enable the company to accelerate its continued growth strategy and expand into new markets and geographies in North America, including the west coast of the U.S. In addition, the investment will allow Wesbell to execute on its build-to-own cell tower strategy as well as to make strategic acquisitions, says the company’s press release.
“The partnership will allow Wesbell to continue providing its industry leading services, and to build a strong, comprehensive and reliable network of owned and operated wireless and broadcast communications infrastructure. These initiatives will also allow the carriers to achieve and maintain broad network coverage at a lower cost than that of building and owning the towers themselves,” reads the press release.
“We’re excited to partner with our new investors and deploy this capital to grow our presence in Canada and the United States and further cement our position as a strategic partner to our clients, particularly at this critical inflection point for the industry as it transitions to 5G,” said Nick Mazze, president and CEO of Wesbell, in the release.
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