Horvath Towers LLC, an owner and operator of cellular towers for wireless carriers throughout the U.S., has raised $20 million in new equity funding from existing backer Peppertree Capital Fund.
Horvath Towers, LLC announced today it has received an increase in equity commitment from Peppertree Capital Fund. The $20 million increased commitment, along with existing equity and debt financing, brings the total funds committed to $56 million.
Horvath Towers, which owns, develops and operates cellular towers for wireless carriers across the United States, first partnered with Peppertree Capital in 2007, with an initial commitment of $8 million. Peppertree’s commitment increased to $18 million in 2008 and now sits at $38 million. In 2008, in line with Peppertree’s increased commitment, PNC Bank increased their debt financing from $8 million to $18million. Now, with this $38 million from Peppertree and the $18 million provided by PNC Bank, Horvath Towers is poised to deploy $56 million to meet the growing coverage needs of carriers across the country.
Jackie Horvath, President and CEO of Horvath Towers, said of the announcement, “We are pleased with Peppertree’s continued trust and investment in the company. The additional commitment will allow us to grow and increase the quality of services we provide to our clients. The partnership with Peppertree has been very positive, and we hope to maintain this relationship for years to come.”
Howard Mandel, President and Managing Director of Peppertree Capital, said, “Jackie and her team continue to exceed our expectations. We look forward to many more years of having Jackie as our partner.”
About Horvath Towers, LLC
Horvath Towers, LLC was formed in partnership with Peppertree Capital in 2007. Jackie Horvath, the CEO of Horvath Towers, originally established Horvath Communications, Inc. (HCI) in 1996. Since the company’s inception, HCI has grown from owning just a couple of towers in northern Indiana to owning and developing tower sites throughout the United States. These towers are consistently rated among the highest for occupancy in their respective regions. For more information, visit www.horvathcommunications.com.
About Peppertree Capital
Peppertree Capital Fund, LP is a private equity fund focused on growth equity and buyout opportunities in the telecommunications, media and recurring services industries. Companies the firm has backed include Light Towers LLC; 4G Towers, LLC; Pegasus Tower Development Company, LLC; Crossroads Media, LLC; Clearview Tower Company; TMW Systems, Inc.; On-Site Fuel Service, Inc.; and Carpathia Financial Services, LLC. Peppertree Capital is based in Cleveland, OH and has an office in Dallas, TX. For more information, visit: www.peppertreecapital.com.