SiteExcell Closes Equity Financing Led by M/C Venture Partners
Monday, March 20, 2006, 7:00 am ET
LITTLE ROCK, AR, March 20, 2006/ -- SiteExcell Tower Partners, a leading communicationstower company in the mid-South region of the United States, announced thecompletion of a $15 million private equity investment commitment. The funding round was led by M/CVenture Partners, an established venture capital firm focused on the communicationssector.
SiteExcellowns, develops and leases new build-to-suit wireless communications sitesthroughout the mid-South region of the United States, often in areas wherethere were previously few collocation possibilities available. Led by CEO Todd Lewellen, SiteExcell isheadquartered in Little Rock, Arkansas and will be active throughout themid-South region of the United States. The financing will allow SiteExcell to help wireless carriers expand andimprove coverage for their customers. SiteExcell plans to use the new financing to fund site acquisition, sitedevelopment, and tower construction and maintenance for carriers. In addition, SiteExcell Tower Partnerswill evaluate opportunities to acquire towers.
"SiteExcellhas a long history of providing carriers with the best and most dependable siteacquisition and development services available in the most timely mannerpossible," said Todd Lewellen, CEO of SiteExcell Tower Partners. "Thefinancing provided by M/C Venture Partners allows us to offer carriers aturnkey build-to-suit solution throughout the region while providing thecapital to evaluate potential tower acquisitions."
"Rapidgrowth in demand for wireless services, through increasing subscriber countsand escalating minutes of use per subscriber, is leading wireless carriers toexpand coverage and improve quality of service for their customers bybroadening and strengthening the tower infrastructure," said Peter Claudy,General Partner of M/C Venture Partners. "SiteExcell is helping carriersachieve their goals by managing the entire tower development process whileproviding the capital resources needed to quickly expand the towerinfrastructure. We are delightedto be involved with the strong team at SiteExcell Tower Partners, who have the experience,build-to-suit expertise, and dedication required to offer the best possibleservice to their clients."
About SiteExcellTower Partners, LLC
Based inLittle Rock, AR, SiteExcell is a leading communications tower company focusedon tower development, leasing, and management. Founded in 1998 by industry veteran Todd Lewellen,SiteExcell has offered due diligence and site acquisition services for sevencarriers in eleven states. SiteExcell develops towers in build-to-suit relationships and isactively pursuing an aggressive build-to-suit tower development plan for wirelessservice providers throughout the mid-South region of the United States.
AboutM/C Venture Partners
M/CVenture Partners is a venture capital firm focused exclusively on thecommunications, media, and information technology sectors. The firm has invested in leadingcompanies across these segments for over 20 years and manages over $1 billionin assets. Companies the firm hasbacked include Metro PCS, TeleCorp PCS, Triad Cellular, Crowley Cellular, andBrooks Fiber. Currently investingM/C Venture Partners V, a $550 million venture capital fund, the firm hasstrong institutional backing from the nation's leading pension funds andendowments as well as a long track record of success. M/C Venture Partners has offices inBoston, San Francisco and London. Formore information, visit:www.mcventurepartners.com.