Eco-Site Raises $20 Million as Demand for Wireless Infrastructure Rises

9/13/17

By Charlotte Chilton, NC BIZ News

Eco-Site, the Durham-based wireless tower company, has raised $20 million in private equity funding from the Atlanta-based private equity investment firm MSouth Equity Partners.

Eco-Site, a privately held company that handles infrastructure solutions for major U.S. telecom carriers, has raised more than $90 million in new capital this year due to an increase in carrier demand for coverage and capacity.

“The wireless infrastructure industry, and especially Eco-Site, is experiencing exceptional growth,” said Dale Carey, chief executive officer of Eco-Site, in a statement.

Prior to founding Eco-Site, Carey was president and COO of Shared Access, a wireless tower operator in the United Kingdom and Ireland.

He also served as president of US Wireless for SpectraSite Communications Inc., where he held full profit and loss responsibility for $365 million in annual revenue and a $225-million EBITDA division, encompassing 8,000 towers and 20,000 rooftops.

Prior to US Wireless, Carey was president of the building division of SpectraSite, where he pioneered the neutral-host distributed antenna system model.

MSouth Equity Partners have been partners with the company since its founding in 2012. MSouth partner Barry Boniface stated, “We knew years ago that Eco-Site was primed to be a key player in the wireless industry.”

The company received an investment of $50 million from Guggenheim Partners in March 2017 in order to support Eco-Site’s continued growth.

Eco-Site won the 2017 WRAL Techwire award for fastest growing startup in April.

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