In-building wireless infrastructure provider Airwavz Solutions, Inc. announced this week that Pamlico Capital has provided it with a growth equity investment for an undisclosed amount.
The Charlotte, NC-based Airwavz Solutions owns and operates wireless infrastructure inside commercial office and hospitality buildings in dense metropolitan areas, providing tenants and guests with high-quality cellular service while simultaneously ensuring wireless carriers improve coverage and increase network capacity.
“This funding permits Airwavz to rapidly expand to scale and grow,” Airwavz CEO Brad Davis told Connected Real Estate Magazine. “Robust cellular service indoors is now considered a ‘must have’ and we provide the necessary wireless infrastructure for commercial buildings to support 5G, IoT and other technological advances. Our disruptive and sensible business model equitably serves commercial building owners, tenants, guests and the wireless service providers. We’re excited that Pamilco Capital recognizes the inherent value in this and shares our enthusiasm for expanding nationally beyond our core South and Southeast footprint where we’ve grown so successfully over the past five years.”
Founded in 1988, Pamlico Capital typically invests in growing middle-market companies in North America. The company looks for control-oriented growth equity investments of up to $125 million alongside founders and proven management teams in a handful of industries including business and technology services, communications and healthcare. Pamlico has invested more than $3 billion since its inception.
“Through our experience in the communications sector, we have insight into the demand placed on existing wireless network infrastructure by continued escalating data consumption trends,” Pamlico Capital vice president Andrew Tindel told Connected. “Further, our research indicates that leading real estate owners increasingly view wireless connectivity as a ‘fourth utility’ demanded by tenants. We believe in-building wireless provides an attractive solution to serve these complementary demands in urban environments, and will drive significant network investment in coming years. With a proven track record and decades of experience, the Airwavz team has developed a compelling product offering and business model to serve this rapidly growing market. We’re excited to partner with them to continue Airwavz’s success.”