Municipal Communications, LLC announced today it has completed a $10.75 million capital raise led by Seaport Capital, a private equity firm focused on growth and buyout opportunities in the communications, information and business services, and media sectors. Municipal Communications represents the first transaction made by Seaport Capital's fourth fund, Seaport Capital Partners IV, L.P. The company co-founders also participated in the investment.
Municipal Communications focuses on developing, owning, and operating cellular towers in the southeastern United States. The company was co-founded by Peter Corry and Harry Stamper, who both have extensive experience in developing and operating cellular towers. Municipal Communications works with local municipalities to identify potential tower sites. The company develops, constructs and manages such locations, including collocating wireless service providers on the company's towers.
"We are excited to partner with Seaport Capital," said Municipal Communications CEO, Peter Corry. "Seaport has extensive experience investing in the tower industry, particularly in the southeast, and we look forward to executing on our shared objectives. This investment will allow the company to execute on its plan and to develop towers in much needed locations."
Seaport Capital Principal Bob Tamashunas said, "We look forward to helping Peter, Harry and the Municipal Communications team execute on their plan. Peter and Harry are tower veterans with the proven ability to construct high quality tower sites. We look forward to growing our partnership."