PCE ADVISES ARETE DEVELOPMENT IN ITS SALE TO GLOTEL
Ridgewood, NJ – Glotel, Inc., a portfolio company of The Gores Group, LLC, and a provider of mobility operations, expansion and integration services to many of the top wireless carriers and contractors throughout the United States, acquired Arete Development, Inc. in an asset purchase transaction. PCE Investment Bankers served as financial advisor to Arete.
PCE’s Michael Rosendahl stated “Glotel’s acquisition of Arete provides a good result for the shareholders and brings together two very complementary businesses. Glotel will be able to leverage Arete’s position in the Northeast and build on its strong reputation.”
Jonathan Ettere, Arete’s President stated, “We greatly appreciate all of PCE’s hard work on this transaction. Their persistence and dedication were instrumental in getting this result.”
“The acquisition of the Arete assets augments Glotel’s managed solutions on telecom projects with a broader range of wireless product and service solutions, while also expanding our customer and geographic base,” said Michele Casey, CEO of Glotel. “Likewise, Arete’s customers will benefit from Glotel’s national reach, advanced systems and broader range of services.”
Since 1999, Arete has been providing wireless infrastructure solutions to carriers, tower providers and associated engineering firms with a particular focus in the New York, New Jersey, Pennsylvania and Delaware markets. The Company’s wireless solutions include site development, water tower wireless site restoration, network upgrades, and construction and project management.
About PCE Investment Bankers
PCE is a leading financial services firm for mid-market companies, offering clients a full range of investment banking, valuation and advisory services. It provides M&A support, ESOPs, management buy outs (MBOs), bankruptcy advisory, restructuring, and fairness and solvency opinion advisory services. Additionally, the firm offers management consulting, succession planning, strategic analysis and litigation support. Experienced in all market sectors, PCE has established several specialty practice areas, including Consumer, Diversified Industrial – Infrastructure & Power, Healthcare, Construction & Building Products, Manufacturing, and Food. Offices in Orlando, Atlanta and New York.
Glotel, Inc., a portfolio company of The Gores Group, is a specialized supplier of workforce and project management solutions for the Telecom/Wireless Solutions and IT/Data Network industries. We deliver projects on a turnkey basis, provide managed services for specific functional areas and provide staff augmentation services. For more information, please visit www.glotel.com.
About Arete Development
Arete Development, Inc. is a wireless contractor specializing in the construction, modification and maintenance of telecommunications facilities for major cellular service providers, wireless equipment manufacturers, turf vendors and tower companies. For more information, please visit www.aretedev.com.