Alpina Capital Research
Advisory Approach
Alpina Capital is a specialized investment banking firm with 18+ years of preeminent advisory experience in the telecommunications and wireless infrastructure sectors. Founded in 2005, the firm has built its reputation on deep industry expertise and execution strength in complex transactions. Their thesis centers on the belief that telecom operators and wireless infrastructure companies require specialized advisory partners who understand the unique regulatory, technical, and strategic complexities of the industry. The firm positions itself as a trusted advisor to cable providers, wireless carriers, telecommunications cooperatives, ILECs (Independent Local Exchange Carriers), and spectrum operators navigating a rapidly evolving landscape.
Sector Focus
Alpina Capital maintains a highly focused, vertical-specific practice concentrated exclusively on telecommunications and related infrastructure sectors. Within telecom, they have developed five primary specialty areas:
Wireless Spectrum — The firm's flagship practice area. Alpina Capital is a recognized leader in spectrum transactions, having completed over 200 spectrum deals valued at more than $3 billion over their tenure in the industry. They advise clients on acquisition, divestiture, and monetization of wireless spectrum assets across all frequency bands (600 MHz, 900 MHz, PCS, AWS-3, etc.).
Tower Infrastructure — Possessing in-depth transactional expertise dating back to the inception of the tower industry in the mid-1990s. The team has extensive knowledge of tower structures, tax ramifications, technical specifications, and profit maximization strategies. They advise tower owners, developers, and wireless carriers on M&A, recapitalization, and debt placements.
Fiber Networks — Advising on the evolution, expansion, and deployment of fiber infrastructure for broadband and telecommunications. The team understands operational challenges specific to fiber builds and manages complex multi-party transactions.
Emerging Technologies — The firm maintains active practices in data centers, SaaS, Cloud platforms, and IoT systems—sectors that emerged from or intersect with telecommunications infrastructure.
General Telecom M&A — Advisory on mergers, acquisitions, consolidations, and restructurings for telecom operators of all sizes.
Deal Track Record
Alpina Capital has completed a substantial transaction volume with direct telecom and wireless infrastructure clients. Recent representative transactions include:
- Spectrum Financial Partners: Sold portfolio of 21 600 MHz spectrum licenses to T-Mobile
- Spectrum Financial Partners: Sold 2 600 MHz licenses in Bozeman, MT to Sagebrush Cellular, Inc.
- AT&T: Sold 1,100+ towers to Peppertree Capital Management, Inc.
- FTC Communications, LLC: Sold 93 towers to Vertical Bridge REIT, LLC
- SRT Communications, Inc.: Sold 55 towers in North Dakota to CTI Towers, LLC
- Tristar License Group, LLC: Sold 9 AWS-3 licenses to Verizon
- Orion Wireless LLC: Sold 16 AWS-3 licenses throughout U.S. to Verizon
- Golden West Telecommunications Cooperative, Inc.: Sold 9 towers in South Dakota to Crown Castle Towers
- Cellular South Licenses, LLC: Sold 3 PCS F-Block licenses in TN and AR to AT&T
- Nsight Spectrum, LLC: Sold 3 PCS licenses & 2 AWS A-Block licenses in MI and MN to AT&T
- Iowa Network Services, Inc.: Sold 3 PCS F-Block licenses in Iowa to US Cellular
- TowerCO: Secured $300 million equity commitment from Peppertree Capital Management
Alpina reports 250+ total completed transactions with aggregate value exceeding $3 billion.
Process & Fee Structure
Alpina Capital operates on a deal-by-deal advisory model. The firm leverages operational, financial, and investment expertise to focus on strategy, valuation, transaction structure, and execution. Services include:
- Strategic advisory on capital structure and financing options
- Fairness opinions and business valuations
- Mergers and acquisitions representation
- Financial restructuring and divestitures
- Capital formation and private placement financing
- Commercial debt restructuring
Fee structures are negotiated per engagement and tailored to transaction type and size. The firm handles transactions ranging from $5M to $500M.
Buyer Network
Alpina maintains strong relationships across the wireless infrastructure and telecommunications investment ecosystem, including major tower companies (American Tower, Crown Castle, Vertical Bridge, Peppertree Capital Management), strategic carriers (AT&T, Verizon, T-Mobile, US Cellular), PE and family office investors, and infrastructure funds.
Competitive Positioning
Alpina differentiates through:
- Deep vertical expertise — 18+ years focused exclusively on telecom/wireless, vs. generalist banks
- Execution strength — 200+ spectrum transactions, 1,100+ tower transactions handled
- Industry relationships — Direct access to major buyers, carriers, and infrastructure investors
- Regulatory understanding — Deep knowledge of FCC spectrum policies, tower regulations, and carrier requirements
- Operational background — Team members have held executive positions in telecom and media
Team
Alpina's team includes senior professionals with extensive telecom experience. Scott Soden, Managing Principal and co-founder, brings 35+ years of financial and deal-making experience, with 250+ completed transactions valued at $3B+. George Woodward, Managing Director since 2019, specializes in wireless infrastructure with focus on tower owners and spectrum sales. Ehret (Rhett) Faircloth, Director, brings military logistics background and consulting expertise. Emily Germond, Operations Director, manages day-to-day operations and client support. Sandy Koerner, Compliance Consultant, provides marketing and industry analysis.
Geographic Coverage
Alpina operates nationwide across the United States, with headquarters in Denver, Colorado. The firm advises clients across all major U.S. markets and manages transactions involving spectrum, towers, and infrastructure assets throughout the country.