FPS Towers

Country: France

Region: Île-de-France

Investors: Antin Infrastructure Partners

FPS Towers is the first, and largest, independent telecom tower company in France, operating a portfolio of over 2,400 towers and close to 20,000 rooftop terrace sites across the country in rural, urban and suburban zones.

Antin created FPS 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 around 100. FPS has demonstrated consistent and strong organic and external growth, evidenced by revenue growth of 40% a year, reaching €70m in just four years. Antin sold FPS to US trade buyer American Tower Corporation and PGGM for €697m in 2017.

Frederic Zimer

CEO - FPS Towers

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.

+40%

CAGR in revenues

c.100

jobs created since 2012

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 17,000 new rooftop sites