[May 10, 2009] Charterhouse Leads Investment in NewPath Networks Tweet May 01, 2009 (Close-Up Media via COMTEX) -- Charterhouse Group, Inc., a New York-based private equity firm that has backed entrepreneurs and supported growing middle-market companies since 1973, announced that it has completed a preferred stock investment of $20 million in NewPath Networks, a wireless infrastructure company. Bill Marraccini, an entrepreneur who previously partnered with Charterhouse to grow AAT Communications, co-founded NewPath and now serves as Chairman. NewPath Networks designs, develops and operates distributed antenna systems (DAS), which enable wireless carriers to provide coverage and capacity in areas where building a conventional tower is impractical. NewPath works with telecommunications carriers, including AT&T, Verizon and T-Mobile, to develop transmission solutions in areas with high-traffic or difficult coverage situations. NewPath said its solutions involve the deployment of underground fiber and smaller, non-visible antennas, which overcome aesthetic considerations and provide flexible and scalable network infrastructure. Meritage Funds, a Denver-based venture group, made a $10 million preferred stock investment alongside Charterhouse. The founders of Meritage previously invested with Charterhouse in Cencom Cable. Charterhouse Group and Meritage have follow-on contribution rights and are prepared to make additional investments in NewPath to accommodate the Company's rapid growth. Thomas C. Dircks, Managing Partner at Charterhouse, said, "This is a great example of our entrepreneur network at work, with talented executives that know the firm serving to source and oversee excellent portfolio company investments. Our relationship with Bill Marraccini goes back many years and has already produced outstanding results for our firm and its investors. We are very excited about the next chapter with Bill as well as the opportunity to work with the Meritage team." Commenting on the partnership, Bill Marraccini noted, "In an environment like the present, it is increasingly important to know how your partners think and act. Based on my experience with Charterhouse on AAT Communications, another telecommunications industry build-up, I am confident that Charterhouse is a perfect fit for NewPath's capital and strategic needs." Mike Kavanagh, Co-Founder and CEO of NewPath added, "Charterhouse and Meritage's telecom knowledge and capital resources enable NewPath to continue on its rapid organic growth trajectory. Increasing wireless network capacity demands necessitated by the growth in data and multi-media applications make this a very exciting time to focus on expanding our footprint and pursuing strategic acquisitions." Proskauer Rose served as legal advisor to Charterhouse on this transaction. ((Comments on this story may be sent to [email protected])) [ Back To TMCnet.com's Homepage ]