Mobilitie Raises $100MTuesday, February 19, 2013
Newport Beach-based Mobilitie LLC has raised $100 million to fund high-speed antenna systems and small cell station infrastructure for high-traffic public venues such as sports stadiums, along with Wi-Fi networks and new wireless tower sites across the U.S.
Los Angeles-based private equity firm Shamrock Capital Advisors led the investment.
Mobilitie operates networks used by major wireless carriers to improve connectivity during games, concerts and other highly attended events. The 4G wireless technology also increases capacity and data speeds during peak usage.
Mobilitie last year sold a chunk of its assets—about 2,300 cell-phone towers—to Boca Raton, Fla.-based competitor SBA Communications Corp. for an estimated $1.1 billion.
Proceeds from the sale helped put Chief Executive Gary Jabara on the Business Journal’s annual list of OC’s wealthiest residents. Jabara has made a handful of real estate investments, including the 12-unit Newport Courtyards in Newport Beach for about $5 million, since the deal with SBA Communications. He also donated $1 million to renovate the athletic field at Sage Hill School in Newport Coast.