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CHARLOTTE – A Charlotte-based communications tower company has raised $38.3 million in a private equity offering, according to a filing Thursday with the Securities and Exchange Commission.

Communications Tower Group LLC raised the money from 10 investors, according to the filing.

In 2015, the company received funding commitments from Indigo Capital and MCM Inc. Indigo Capital is a New York-based private equity fund, and MCM is one of the largest, privately held wireless infrastructure providers in the Northeastern United States.

That investment will be used to execute build-to-suit agreements, develop small cell sites, and acquire communications towers.

The founder and CEO of the company is Ricardo Loor.

He has more than 25 years of experience in the wireless industry.   Prior to founding CTG, Loor held executive positions for carriers including Verizon/Bell Atlantic Mobile, Nextel/Dial Call and PrimeCo, as well as in major cell tower companies such as UniSite and SpectraSite and more recently as chief operating officer of Skyway Towers and Torres Unidas.

Over the years, he has managed and developed over 7,500 towers.

Companies relying on a Reg D exemption do not have to register their offering of securities with the SEC, but they must file what’s known as a Form D electronically with the SEC after they first sell their securities.

This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism