CARY – TowerCo, a 14-year-old firm focusing on wireless infrastructure and towers, has $300 million in new capital as well as a new chief executive officer.
The privately held firm disclosed Tuesday that it had secured the new equity as part of a “newly formed partnership” between TowerCo management and Peppertree Capital.
As part of the deal, Todd Boyer is taking over as CEO, according to the announcement.
Boyer is a veteran of TowerCo management, having been with the company since its launch.
“Todd has been involved in leading the Sales & Marketing efforts for Collocation & Build To Suit sales over the last 14 years, as well as managing several components of the day-to-day operations, for the development of new tower builds,” according to his corporate bio.
“Prior to coming over to TowerCo, Todd held several management positions at SpectraSite Communications for 6 years. He served as Director of Sales for the Northeast Region, Director of Sales for the West Region, and as National Sales Manager. During his time served, he played a key role in building a national sales team and developed pricing policies and procedures for new collocations. Todd began his career in the wireless industry working on several new market carrier build outs for SBA Communications and Nextel Communications, where he held various site development roles. Todd has over 23 years of experience in the wireless infrastructure industry and has a Bachelor of Science in Communication from Ohio University.”
The announcement made no mention of any future roles for the firm’s cofounders.
“[T]he majority of TowerCo management team will remain in place,” TowerCo added.
Peppertree Capital Management is a private equity firm focused on investments in communications infrastructure. It has more than $1 billion under management.
TowerCo was founded by Richard Byrne and Scot Lloyd.
When the firm launched and raised $30 million in funding, then-CEO Byrne said TowerCo would own 1,000 wireless towers by 2009.
In 2012, TowerCo sold more than 3,000 towers for $1.45 billion to SBA Communications and relaunched the company shortly thereafter.
“In October 1, 2012, TowerCo sold all 3,252 of its towers, and many speculated that the management team would not be out of the industry long,” the company noted in a press release.
“Richard Byrne, CEO of TowerCo, said, ‘We enjoyed our two weeks off and are excited to start this next chapter in TowerCo’s history. Once again, we have picked a great wireless operating team to build a relationship with and we couldn’t be happier.'”
A Towering Start: TowerCo Secures $35M for Tower Acquisitions
