CARY, N.C., Dec. 1, 2021 /PRNewswire/ — CTI Towers, Inc. (“CTI Towers”), a leading owner and manager of wireless towers in the US, announced today that telecommunications industry veteran David Bacino, an Operating Partner at Melody Investment Advisors LP (“Melody”), has been appointed Interim CEO. Mr. Bacino succeeds Tony Peduto, who will retire effective January 1, 2022. Mr. Peduto will remain an advisor to the company.
CTI Towers, based in Cary, North Carolina, is one of the largest private tower companies in the US. The company has been a portfolio company of Melody Investment Advisors, an alternative asset manager focused on telecommunications infrastructure investments, since 2020. CTI Towers was founded by Mr. Peduto in 2011 and now owns and manages approximately 1,150 towers in 47 states. Lessors of CTI Towers assets include top wireless carriers AT&T, DISH, T-Mobile and Verizon.
“Under Tony’s leadership and vision, CTI Towers has built a solid foundation for continued expansion and we thank him for his many contributions to the success of the company,” said Mr. Bacino. “With the tailwinds created by 5G and the increased need for network densification, we are excited about the opportunities we see to grow our cell tower footprint to the benefit of our clients.”
“My vision when I founded CTI Towers more than a decade ago was to create a leading wireless tower company that would own and operate assets for the long haul,” said Mr. Peduto. “Today’s team is strong and deep, and with David’s leadership and the Melody team’s backing, the company is well positioned for the future with excellent development prospects and the ability to continue to provide best-in-class service to our partners across the U.S.”
Mr. Bacino has over 30 years of managerial and operating experience in the telecommunications industry. Prior to becoming an Operating Partner at Melody, Mr. Bacino was the President of Melody Wireless Infrastructure, one of the largest privately-owned tower companies in the US, which was sold to Sculptor Real Estate and Diamond Communications in May 2020. Earlier in his career he held senior roles at American Tower, Powerwave Technologies, and Nextel Communications.
About CTI Towers
CTI Towers, Inc., based in Cary, 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 Melody in 2020. The company operates over 1,200 wireless communications towers across 47 states in the continental US and leases tower space to major wireless carriers, which include AT&T, DISH, T-Mobile and Verizon as well as broadcasters, utility companies, internet service providers and government entities.
To learn more about CTI Towers, visit www.ctitowers.com.
About Melody Investment Advisors
Melody Investment Advisors LP is an alternative asset manager led by Founder and Managing Partner, 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 Melody, visit www.melodyinvestmentadvisors.com.
Melody Investment Advisors
Steve Bruce / Mary Beth Grover
SOURCE CTI Towers, Inc.