CTI Towers Purchases 56 Towers in North Dakota from SRT Communications

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Jan 03, 2024, 09:00 ET

MORRISVILLE, N.C., Jan. 3, 2024 /PRNewswire/ -- CTI Towers, Inc. ("CTI Towers"), a leading owner and manager of wireless towers and a portfolio company of Palistar Capital LP ("Palistar"), an alternative asset manager focused on mission-critical communications and digital infrastructure, today announced the purchase of 56 towers in North Dakota from SRT Communications Inc. ("SRT"), the state's largest telecommunications cooperative. The acquisition significantly expands CTI Towers' footprint in the region.

"We are excited to announce this transaction, which will provide crucial 5G access to end users in a rural area," said David Bacino, CEO of CTI Towers. "As we continue to expand our portfolio of wireless infrastructure assets, CTI is proud to share that we now own and manage over 1,800 towers throughout the U.S."

Cassidy Hjelmstad, CEO and General Manager of SRT said: "CTI Towers is one of the premier tower companies in the U.S., and we are pleased to partner on this transaction with David and his team."

In December 2023, CTI Towers announced the acquisition rights for 525 towers located in Louisiana, Texas, North Carolina, South Carolina and California from Conterra Ultra Broadband Holdings, Inc., one the largest independent fiber bandwidth providers in the U.S.

About CTI Towers

CTI Towers, Inc., based in Morrisville, NC, is one of the largest private tower companies in the U.S. Founded in 2011 with an investment from Comcast Ventures, the company was acquired by Palistar in 2020. The company owns, manages and/or markets over 1,800 wireless communications towers across the United States and leases space on its towers to the major wireless carriers, including AT&T, DISH, T-Mobile and Verizon, as well as to broadcasters, utility companies, internet service providers and government entities. To learn more about CTI Towers, visit www.ctitowers.com.

About SRT Communications

Established in 1951, SRT Communications, headquartered in Minot, North Dakota, is the state's largest telecommunications cooperative. SRT employs nearly 190 people and serves customers across north central North Dakota. Services include internet, phone, and security/surveillance systems for home and business. For more information about SRT Communications Inc., please visit www.srt.com.

About Palistar Capital

Palistar Capital LP is an alternative asset manager led by Managing Partner and Founder, Omar Jaffrey, focused on communications infrastructure. The firm seeks to invest through direct asset ownership as well as by developing innovative financing solutions to complex problems for leading global communications companies. To learn more about Palistar, visit www.palistar.com.

Media Contacts

CTI Towers
Lisa Linares
[email protected]
(919) 415-0959

Palistar Capital
Mary Beth Grover / Keely Gispan
ASC Advisors
[email protected] / [email protected]
(203) 992-1230

SOURCE CTI Towers, Inc.