SealTowers Limited, a licensed Kenyan wireless company, and Everstrong Capital announced Thursday the signing of an agreement under which Everstrong will take a controlling interest in SealTowers.
Structured through the Everstrong Kenya Infrastructure Fund, this investment will be part of the $12.5 million in funding needed to enable a tower rollout program that aims to reach 200 over the next two years Reach tower locations.
The Everstrong Kenya Infrastructure Fund is a US$50 million fund sponsored by US-based Everstrong Capital focused on investing in infrastructure assets in the energy, transport, communications and social infrastructure sectors in Kenya and East Africa.
SealTowers Limited was formed in 2016 to build, own, lease and manage telecom towers and infrastructure for Kenyan telecom operators.
The Company has framework and lease agreements with 5 major Mobile and Internet Service Providers in Kenya, allowing them to host telecommunications equipment on Seal Towers’ own infrastructure.
Everstrong’s investment comes at a critical time and aims to support broad access to ICT services and fill gaps in network coverage across Kenya, including SealTowers’ participation in the Communications Authority’s Rural Tower Expansion Project 2021/2022.
“We believe that partnering with Everstrong Capital will allow us to unlock tremendous opportunities in the telecommunications sector in both urban and rural areas. Rollout of 4G and 5G networks will require many more infill tower sites to support networks. In addition, large buildings, shopping malls, commercial and educational institutions offer the opportunity for indoor network solutions and provide expansion opportunities for SealTowers,” said Dr. Tony Monda, Founder and CEO of the company.
Telecom service providers are increasingly outsourcing infrastructure solutions so they can focus on their core business. This partnership is an important milestone for SealTowers as the company aims to provide its customers with critical infrastructure that enables them to reduce operational costs and expand network coverage and capacity.
“Our partnership with Everstrong sends a strong signal to our customers that SealTowers is ready to be a critical infrastructure solutions partner in their growth,” said Dr. monda
The management teams at Seal Towers Ltd and Everstrong Capital are focused on streamlining operations, delivering high quality tower technology and achieving world-class business excellence.
According to Philip Dyk, Managing Partner of Everstrong Capital, “We are pleased to announce this investment in SealTowers Limited and look forward to helping expand network access across the country. The Everstrong team brings a wealth of experience and skills in structuring, capitalizing and managing businesses, leveraging SealTowers’ expertise in telecommunications, tower design, engineering, deployment and management.”