CTI Towers buys four towers, hires Ryan for M&A
Comcast Ventures-backed CTI Towers announced today that it had bought four new towers from NTCH in Amarillo, Texas.
CTI Towers, which was formed three years ago with towers that were previously owned and operated by Comcast Cable, also announced it had hired Joe Ryan for the new role of vice president of acquisitions.
Ryan is responsible for driving growth and spearheading all of the company’s efforts to procure new towers. CTI Towers said the Texas additions marked a major shift in the company’s focus towards mergers and acquisitions.
“This acquisition of new wireless towers continues CTI’s expansion outside of the core Comcast tower portfolio,” stated Tony Peduto, CEO of CTI Towers. “We continue to seek strategic tower assets throughout the United States, with hopes that each acquisition will bring our wireless carrier partners that much closer to achieving the ultimate goal of seamless coverage.”
Prior to joining the CTI, Ryan served as mergers and acquisitions director for American Tower, where he oversaw the transaction of over 6,000 towers across the United States. CTI said Ryan would be instrumental in its pursuit of more towers in strategic, high-demand regions.
“I am pleased to be joining a rapidly growing, dynamic company where each tower portfolio we acquire, no matter how small, moves the dial and helps propel the company forward,” Ryan said. “CTI’s future looks bright and its existing tower base and acquisition pipeline will serve as the ideal platform for growth.”
In October, CTI Towers announced that it had received $30 million in debt financing to build its war chest for future acquisitions.At the same time, the company also announced 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 were located in North Carolina, South Carolina, Ohio, Mississippi and Pennsylvania.