Comcast Venture’s CTI Towers secures $30 million in debt financing
CTI Towers, which is backed by Comcast Ventures, announced this morning that it had received $30 million in debt financing to build its war chest for future acquisitions.
CTI Towers also said that it had completed its first third-party acquisition with the purchase of five towers from a major wireless carrier. CTI Towers didn’t say who the carrier was, but the towers are located in North Carolina, South Carolina, Ohio, Mississippi and Pennsylvania.
“We remain committed to helping our customers meet deadlines for new cell sites and network deployment,” said CTI CEO Tony Peduto. “We will continue to seek strategic acquisitions to fuel growth as the wireless industry responds to the demand for wireless broadband services.”
CTI Towers was formed in 2011 with approximately 800 wireless towers that were previously owned and operated by Comcast Cable subsidiaries. Since its formation, CTI has acquired an additional towers to date.
The company leases tower space to wireless carriers, broadcasters, municipalities, utility companies, among other companies. CTI Towers is one of the top-10 largest wireless tower operators in the U.S.
“As the personal computing device and smartphone industry took off, we recognized mobile network operators would eventually need to fortify their mobile networks to meet consumer demand for mobile Internet access at scale,” said David Zilberman, Venture Partner at Comcast Ventures and CTI Towers Board Chairman. “We’re excited to see CTI Towers grow its footprint and enhance its ability to deliver even more tower inventory across the country, helping all wireless carriers keep their networks in-stride with consumer demand.”