In an industry defined by connectivity, Harmoni Towers’ journey has been one of steady expansion and disciplined execution. Harmoni Towers started as a project within Uniti, which is a subsidiary of Windstream. According to Jack Barry, Chief Financial Officer at Harmoni Towers, “Under that umbrella, they built a portfolio of roughly 500 towers that was spun out to private equity back in 2020. It was acquired by Palistar Capital, and from that moment on, it’s been nonstop growth.”
That growth has come through a mix of organic expansion and mergers. “In 2022, we merged with Parallel Infrastructure,” Barry said. “At that time, Harmoni had expanded to about 900 assets and Parallel had 700. Bringing the two together was a unique event in the tower space, both companies had grown on nearly identical timelines, with the same philosophy of developing multi-tenant, high-capacity towers. The combination gave us an immediate leap in scale and positioned us for continued growth.”
Harmoni now operates a network of roughly 2,000 towers spanning 41 states. “We’re coast to coast,” Barry said. “Heavily suburban-based, very diverse in terms of 
geography, and diverse in terms of the carrier base.”
Every new tower project, Barry explained, starts with a defined customer requirement. “Our customers come to us with search rings, which are basically just a point on a map and some sort of geometric shape around that latitude and longitude where they have a service requirement in the network,” he said. “We don’t go out and just build towers and throw steel in the air, it’s not Field of Dreams. We always build the site with an anchor tenant already in place.”
The Business Model and Its Momentum
Like most tower operators, Harmoni’s business depends on scale. “We own the tower assets,” Barry said. “You build towers with the intention of having multiple tenants. Once the steel is in the air, there’s minimal incremental cost for adding extra tenants. The only way the economics works is if we add extra tenants in the portfolio.”
Harmoni’s tower portfolio remains relatively young, with an average age of around five years. The company currently maintains an average tenancy ratio of 1.4 across its 2,000 towers, each designed to accommodate an average capacity of 3.2 tenants. This modern infrastructure gives Harmoni significant room for expansion as demand for wireless connectivity continues to grow.
Beyond its work with major wireless carriers, Harmoni collaborates with a diverse range of partners, including municipalities, public safety agencies, and wireless internet service providers (WISPs) that require tower space for their operations. The company also maintains marketing agreements with organizations such as BNSF Railway and New York’s Metropolitan Transit Authority, promoting and managing tower sites on their behalf. These partnerships not only expand Harmoni’s reach but also strengthen recurring revenue streams across its broader infrastructure portfolio.
The company remains a “pure play” tower operator, focused on macro sites rather than rooftops or small cells.
Financing Growth in a Changing Market
A combination of strong equity support and creative financing has fueled Harmoni’s expansion. “We have a strong equity sponsor in Palistar that has deep pockets when it comes to the ability to equity finance new tower builds,” Barry said. “The tower business is extremely attractive from a debt capital standpoint.”
That appeal was evident in the company’s recent $620 million project finance facility, led by TD Securities, with Goldman Sachs as bookrunner. “It was three times oversubscribed, and our pricing was quite favorable, close to the five-year treasuries,” Barry said.
The financing structure represented a notable shift in how tower companies approach capital markets. “It’s a relatively novel concept, at least in the U.S. tower space,” Barry explained. “We’re only the second towerco to close this particular type of financing. The assets are rated in one tranche. Our assets were rated investment grade, a couple of notches above the threshold, which allowed us to get that favorable pricing.”
The company’s financing approach provides greater capital volume and more favorable pricing. Rather than relying on asset-based lending, Harmoni’s structure was built around cash flow lending, a model suited for mature portfolios with stable, recurring revenue streams.
Challenges and Outlook
While the tower industry remains resilient, Barry acknowledged the importance of keeping an eye on changing market dynamics. “You always have to be cognizant of the world that you’re living in,” he said. “We recently saw DISH sell its spectrum to AT&T. I would expect that’s going to create some level of churn in the industry.”
Harmoni’s exposure to recent industry changes remains minimal, accounting for only a small share of overall sales. While the sector will always face occasional disruptions, Barry noted that major carrier consolidation is unlikely, given regulatory scrutiny and Palistar’s market balance. Beyond these macro factors, he emphasized that success depends on fundamentals. Choosing the right locations to build, maintaining sound pricing discipline, and ensuring that tower rents, ground leases, and operating costs align to support sustainable growth.
Looking ahead, Barry pointed to Harmoni’s experienced leadership team as its greatest strength. The company’s professionals bring decades of expertise from both major tower operators and wireless carriers, ensuring a steady hand as the business continues to scale. With this foundation, he said, Harmoni plans to remain focused, disciplined, and well-positioned to confidently steer the business into the next decade.
Read more about Harmoni’s recent $620 million private placement financing and explore additional insights, including our full podcast discussion, on our website, Amazon Music, Spotify, and iTunes. Visit: https://harmonitowers.com/