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Ceragon - High Capacity Wireless Backhaul Solutions
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NewPath Networks Announces $47 Million in Private Equity Financing for Continued Expansion of Fiber-fed Distributed Antenna System (DAS) Broadband Wireless Carrier Networks

4/21/09 - NewPath Networks announced $47 million in new investment funding in a private placement offering, of which $30 million was closed on April 20, 2009. The financing was led by Charterhouse Group, a private equity investment firm in New York, New York; joined by Meritage Funds, a venture capital firm in Denver, Colorado; and existing investor Sweetwater Capital, LLC, a venture capital firm in Red Bank, New Jersey. Proceeds from the financing will be used for network expansion through acquisitions and organic growth in existing and new markets across the U.S.

"We've seen a significant increase in the need for network capacity and coverage to support wireless voice, video and data services, which makes it even more critical for wireless operators to put measures in place to accommodate such demand," said Mike Kavanagh, chief executive officer of NewPath Networks. "The depth and breadth of telecom and wireless experience from Charterhouse, Meritage, and Sweetwater, combined with their capital resources puts NewPath in a strategic position to expand footprint and grow the business."

"Given the continued demand for wireless voice and particularly bandwidth-intensive multimedia and data services, NewPath is poised to provide quickly deployable and cost-effective solutions for wireless networks that are already capacity constrained," said Bill Marraccini, co-founder and chairman of the board of NewPath Networks and managing partner at Sweetwater Capital. "We're confident that NewPath will continue to deliver on a viable business model and DAS solutions that enable wireless service providers to add capacity and coverage to meet demand for wireless services in areas where adding conventional antenna towers is not practical. Charterhouse and Meritage are a perfect fit for NewPath's expansion plans and its capital and strategic needs in that regard."

Thomas C. Dircks, managing partner at Charterhouse Group, stated, "NewPath fills a very real market need. As a leading national service provider focusing on high density networks, its DAS networks provide value to wireless carriers who need alternatives to building towers, allowing them to add capacity and coverage with unobtrusive antennas that preserve the aesthetics within the communities they serve."

Currently, NewPath Networks is a public utility operating in 31 states. The company's distributed antenna system (DAS) networks dramatically increase wireless capacity and assure ubiquitous wireless coverage in commercial and residential communities where they are deployed. Communities with DAS networks are better able to serve users by accommodating higher data speeds while reducing call quality issues such as blocked or dropped calls. The DAS network allows multiple top tier wireless operators to share wireless access and ensure availability of their wireless services while preserving the aesthetics of the local communities.

RBC Daniels acted as exclusive financial advisor to NewPath Networks in the transaction.

By Robert Hoskins

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