Indigo Capital - At the intersection of growth and capital in Latin America.

Case Study


Anticipating transformational changes in Latin America's wireless industry structure, technology, and regulations, Indigo Capital partnered with MCM, a privately-owned wireless site operator in the U.S., to jointly launch Torrecom Partners in 2010. In the years since, Torrecom has grown into a leading provider of wireless communications infrastructure in Latin America.


Torrecom founded

Torrecom is established and enters Costa Rica, Guatemala, Nicaragua, and Chile with attractive build-to-suit (BTS) contracts. Initial capitalization of US$11 million.

2012 - 2013

Torrecom spins off Andean region operations and expands into Mexican market

Torrecom spins off its Colombian, Peruvian, and Chilean operations into Torres Unidas, a joint venture with Berkshire Partners, a leading U.S. private equity fund. Creates leading independent tower operator in the Andean region with more than 750 sites.

Torrecom enters Mexican market with BTS contracts with two carriers for 325 sites, expanding its portfolio of towers in operation and under development to 429.

Sells Costa Rican towers to SBA, a leading, publicly traded U.S. tower company, and closes additional equity capital to fund development of first 800 sites.

2014 - 2015

Portfolio grows to nearly 900 towers

The historic Telecom Reform is signed into law in Mexico.

Torrecom wins additional BTS sites in Mexico with two carriers, expanding portfolio of towers under operation or development to approximately 900.


Indigo Capital exits its investment in Torres Unidas

In December 2017 Indigo Capital exited its investment in Torres Unidas (with > 1,500 towers in Colombia, Peru, and Chile) through a strategic sale of the Company to Andean Tower Partners creating the largest independent tower company in the Andean Region.

Torrecom enters the Panamanian market with the acquisition of 25 sites and a 51-site pipeline.


Torrecom's portfolio grows to nearly 1,300 towers

Reaches nearly 1,300 cell phone towers in operation or development and a pipeline to expand to over 2,700 sites in Mexico, Central America and the Andean Region.

Torrecom capital deployed reaches over US$170 million.

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