Grain Completes Sale of U.S. Tower Portfolio to American Tower

WASHINGTONSept. 3, 2019,/PRNewswire/ — Grain Management, LLC (“Grain”) has completed
the sale of its nationwide portfolio of wireless communications assets to American Tower.  Through
this transaction, American Tower will acquire approximately 400 towers and other related property
interests, comprising one of the largest privately-held wireless portfolios in the U.S.

Grain, a leading Washington, D.C.-based private equity firm focused on the global communications
sector, strategically built this portfolio of tower assets in tier-two and tier-three markets now benefitting
from increased carrier activity and network densification. During Grain’s ownership, the operational and
business development initiatives for the sites have been underpinned by the team’s deep industry
experience and a disciplined approach to growth and value creation.

David J. Grain, Founder, and CEO of Grain Management commented, “Grain’s strategic objective of
assembling a portfolio of significant scale poised for future growth has resulted in a sale that realizes
substantial value for our limited partners.  Further, this transition positions the Grain team to continue
to focus on other active and potential investments as dynamic market conditions create meaningful
opportunities for outperformance.”


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