M/C Venture Partners and Wachovia Capital Partners to Buy National Grid Wireless US for $290 Million

May 17, 2007

National Grid Wireless US, a leading wireless and fiber optic infrastructure provider to the communications industry, today announced that M/C Venture Partners and Wachovia Capital Partners have agreed to purchase the business from National Grid plc.

National Grid Wireless US operates an extensive communications infrastructure portfolio consisting of approximately 350 communications towers and over 1,100 route miles of dark fiber. Additionally, the company is a pioneer in outdoor distributed antenna systems, including launching the first, multi-carrier outdoor DAS in the US on Nantucket three years ago. The company has also recently initiated a managed fiber backhaul offering and provides full turnkey site development services throughout the Northeast U.S. National Grid Wireless US will continue operations throughout the U.S., marketing its wireless and fiber optic infrastructure to wireless communications companies, telecommunications providers, governmental agencies, and medium to large enterprises. The company, which has 120 employees, will continue to be led by Doug Wiest, the company’s current chief executive officer. Over the last five years, the company has grown revenue and EBITDA by 45% and 51%, respectively.

“This transaction is great news for the company and its customers. National Grid Wireless US is a rapidly growing,
profitable business in an expanding segment of the marketplace. Our new investors have extensive experience financing leading communications companies and share management’s vision for the future of the business. The transition of ownership to M/C Venture Partners and Wachovia Capital Partners will be seamless for our customers, employees, and business partners,” said Doug Wiest.

“This partnership is built on a solid foundation and we are very well-positioned for future growth across all business lines,” added Rod Smith, VP and Chief Financial Officer.

Jim Wade, Managing General Partner with M/C Venture Partners, and Walker Simmons, Partner with Wachovia Capital Partners, said, “We believe National Grid Wireless US operates an attractive portfolio of communications infrastructure assets that is well-positioned to benefit from continued growth in wireless and broadband communications. Our plan is to support management by providing the strategic and financial resources needed to accelerate the company’s future growth and build upon the record performance that the company has achieved thus far.”

Media Venture Partners, LLC served as the advisor to the buyer on this transaction.

Contact:                                                                                          Neil Searls, National Grid Wireless US
Phone: (978) 264-6010

National Grid Wireless US

National Grid Wireless US is a leading full service provider of turnkey wireless infrastructure, fiber networks, and wireless services throughout the United States. The company provides core expertise in all aspects of site deployment, from single sites to large, capital-intensive, technically advanced systems and networks. National Grid Wireless US, with US operations headquartered in Boxborough, MA, is a wholly owned subsidiary of National Grid plc, the fourth largest publicly held utility in the world.

M/C Venture Partners

M/C Venture Partners is a venture capital firm focused exclusively on the communications, media, and information technology sectors. The firm has invested over $1.8 billion into nearly 80 companies in those sectors. Companies the firm has backed include MetroPCS, Cavalier Telephone, TeleCorp PCS, Triad Cellular, Western Wireless, Crowley Cellular, and Brooks Fiber. The firm has strong institutional backing from the nation’s leading pension funds and endowments as well as a long track record of success. M/C Venture Partners has offices in Boston and San Francisco.

Wachovia Capital Partners

Wachovia Capital Partners (WCP) is the private equity investing arm of Wachovia Corporation, the fourth largest bank holding company in the U.S. Since the group’s inception in 1988, WCP has invested in excess of $3.5 billion of private equity capital on behalf of Wachovia. WCP’s current investment portfolio is comprised of 43 companies representing roughly $1.4 billion in invested capital. WCP is currently investing out of WCP II, L.P., a $1.8 billion fund. Companies the firm has backed include: Inflow, Inc., Affinity, NuVox Communications, Triton PCS, and MetroPCS.