Pegasus scores $20M in JV to develop tower sites

RICHLANDS, Va.—Pegasus Tower Co. Ltd., which develops and manages wireless towers, said it raised $20 million in equity financing as part of a joint venture with two investment firms.

Peppertree Capital Fund L.P. and Primus Capital Fund V will fund the joint venture, while Pegasus will act as the JV’s development and operating arm. Pegasus will use the money to fund site development and purchases in the United States.

Pegasus, founded in 1999, has developed more than 80 new wireless sites and said it has a portfolio of 4,200 sites.