Eco-Site, a North Carolina-based wireless tower and infrastructure platform, has been awarded an additional $90 million in capital. The new funding comes in the form of a $30 million private equity investment from Atlanta-based MSouth Equity partners and a $60 million credit facility from a Chicago-based asset manager.
“With demand for wireless capacity increasing dramatically, Eco-Site is well-positioned to continue recent momentum and make an even bigger impact in this space,” says Barry Boniface, Partner, MSouth Equity Partners. “Their exceptional growth rate and strong execution validate our trust in the team and their approach, and we look forward to supporting the next chapter in the Eco-Site story.”
Eco-Site has expanded since its inception in 2012, growing from six to 54 full-time employees and 75 total staff. The company owns and operates hundreds of tower sites across the nation for T-Mobile, Verizon, Sprint and AT&T – most of which were built in the last two years. Since 2014, Eco-Site has posted a 396 percent compound annual growth rate.
Eco-Site CEO Dale Carey credits the company’s success to a culture characterized by constant self-assessment and improvement, and staff with deep experience at both wireless carriers and tower companies. Additionally, exponential increases in demand for mobile broadband data along with corresponding carrier investment in network capacity and 5G capabilities contribute to the positive outlook for the company.
“As 5G standards gain approval, the industry will begin a technology shift with decades-long effects for wireless network capabilities,” says Carey. “The strength of our approach, coupled with this latest round of funding, positions us well to capitalize on our platform to drive our next phase of growth.”