LOMABARD, Ill.—Startup tower company Central States Tower Holdings L.L.C. said it picked up $30 million during its first round of equity financing through Sweetwater Capital and Merchants Capital Partners L.P.
The company says it plans to use the funds to develop 150 towers in the next 12 months.
CST has an agreement with Cingular Wireless L.L.C. as one of the carrier’s preferred tower suppliers, and a CST spokesperson also pointed out that the company is in talks with Leap Wireless International Inc.’s Cricket Communications Inc. subsidiary for a similar deal, though no agreements have been reached as of yet.
By the end of 2008, CST said it expects to own and manage some 500 tower sites.
CST’s management team includes Brian Meier and William Wade, both former AT&T Wireless Services Inc. executives, as well as Anthony Ortolani, who was previously with SBA Communications Corp.
