Nearly 26 months ago, Cleveland-based Peppertree Capital Management launched Blue Sky Towers, LLC with an $80 million seed. The operation opened its doors in the Boston area and now has about 2,900 tower sites in various stages of development across the United States with a few sites in Puerto Rico.
Blue Sky’s mission is to develop wireless infrastructure and it said it “has an ‘under contract’ pipeline of acquisition and development opportunities that ensures continued growth over the next several quarters and beyond.” Peppertree this week said it was upping the ante with another $40 million targeted to tower acquisition and will have a $120 million investment in Blue Sky Towers.
“During the past two years, Blue Sky’s management has done a terrific job of prudently, strategically, scaling Blue Sky’s business of acquiring existing wireless assets and developing new tower and rooftop assets. We are very pleased with Blue Sky’s performance to date and are excited about expanding our financial commitment,” said Ryan Lepene, Peppertree’s managing partner.
“We are very proud of our accomplishments to date and consider ourselves fortunate to have Peppertree as our partner. We have much more to accomplish,” said Tom Remillard, CEO of Blue Sky. “Peppertree’s knowledge of the wireless infrastructure ecosystem has contributed significantly to helping us to rapidly, prudently, grow the business.”
President of Blue Sky, Jim Rech, notes that “establishing Blue Sky as an ally to our carrier partners has been a big part of our success. From Blue Sky’s inception, it has always been our philosophy that we need to work very hard in establishing Blue Sky as a ’Carrier Friendly’ developer. This approach has resonated with the carriers and has helped in our execution of both tower build to suit and rooftop to suit programs.”
Blue Sky said it has created a scalable platform for both M&A and development that has resulted in the ownership of wireless infrastructure assets throughout the country – from Hawaii to Maine
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