FPS Towers

Country France
Region Île-de-France
Investor Antin Infrastructure Partners

FPS Towers is the first, and largest, independent telecom tower company in France, operating a portfolio of over 2,000 towers and close to 18,000 rooftop terrace sites across the country in rural, urban and suburban zones.

Antin created FPS Towers via a carve-out of a tower portfolio owned by Bouygues Telecom in November 2012. Since then, Antin hired a high calibre management team and the company now employs a workforce of 68. Within only 3 years since inception, FPS Towers has demonstrated consistent and strong organic and external growth evidenced by an EBITDA that has almost doubled since acquisition.

Antin has provided continuous support to FPS and its management team since the set-up of the company, notably enabling us to fund all required investments to fuel our growth and explore new growth initiatives that required strong financial backing.

Frederic Zimer CEO, FPS Towers

What did the business need?

  • Change of strategy from towers operated as cost centres to managing them as business units
  • Investment to take advantage of growth opportunities
  • Creation of an independent tower company to generate important new business

How did private equity backing create lasting value?

  • Formed the first private telecom tower company in France to optimise asset potential
  • Appointed high profile and experienced management team to drive company growth
  • Agreed long-term hosting contract with Bouygues Telecom
  • Negotiated new contract with Free Mobile to support its network roll-out
  • Introduced cost saving initiatives, acquired land plots, renegotiated rents and contract extensions
  • Expanded rooftop tower business, providing FPS Towers with 15,000 new rooftop sites

What outcomes did private equity investment achieve?

  • Created Europe’s fastest growing tower company for the last 3 years
  • Nearly doubled revenue per site since investment
  • Increased EBITDA by €1.1m through land repurchase / rent renegotiation scheme
  • Achieved annual revenue growth of more than 30% (2013-2015*)
  • Acquired the remaining 15% stake in FPS Towers from Bouygues Telecom (Antin now owns 100%)


EBITDA growth in 3 years (2013-2015LE)


jobs created since 2012

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