Pegasus Tower Company
Wireless infrastructure management and development services.
| Date | Investors | Amount | Round |
|---|---|---|---|
$20.0m | Late VC | ||
| Total Funding | 000k | ||
Pegasus Tower Company, Ltd. operates as a specialized developer, owner, and manager of wireless communication towers. Founded in 1999 by Gary Hearl, who serves as President and CEO, the company is headquartered in Richlands, Virginia. The firm focuses on the entire lifecycle of telecommunications infrastructure, including site acquisition, construction, operation, and management of wireless towers.
The company's primary business involves building and acquiring wireless communication sites across the United States, which it then leases to major wireless carriers. This business model provides essential infrastructure for carriers aiming to expand their network coverage and capacity, driven by increasing consumer demand for wireless voice and data services. Clients include prominent wireless carriers such as AT&T, Verizon, and T-Mobile. Pegasus generates revenue through long-term leasing agreements for space on its towers, a model that ensures a steady and predictable income stream. In addition to tower development, the company provides site marketing, leasing services, and construction services.
A significant milestone in the company's history occurred in June 2006, when it formed a strategic partnership with private equity firms Peppertree Capital Fund LP and Primus Capital Fund V. This joint venture, named Pegasus Tower Development Company, LLC, was capitalized with a $20 million equity commitment to finance the development and acquisition of wireless sites nationwide. By the time of this partnership, Pegasus had already developed over 80 new wireless communication sites and managed a portfolio spanning 31 states. The company has since been acquired; some sources indicate an acquisition by Apex Towers, which was formed by the combination of Pegasus Towers and Highland Towers, while others point to an acquisition by SBA Communications in December 2012.
Keywords: wireless tower developer, telecommunications infrastructure, cell tower management, tower leasing, site acquisition services, wireless network expansion, communication tower ownership, site development services, wireless infrastructure management, Gary Hearl, Peppertree Capital, Primus Capital, Apex Towers, SBA Communications, tower construction, network coverage solutions, telecom site management, Richlands Virginia, wireless real estate, collocation services