TowerComm services wireless carriers, equipment providers, and telecommunication towers in the southern United States, lower Midwest, and bordering geographically areas. Located in North Carolina, their core competencies include network and construction services.
With the telecom industry experiencing rapid expansion and the discovery of new technology, TowerComm had a need for working capital to keep up with the growth. They had a promising future ahead of them, but the key missing piece was a stable source of working capital. In order to keep up with growing business opportunities, it became critical to have easy access to pay for crews and resources. They were originally working with a factoring company until they were referred to Hitachi Business Finance by an investor.
With major opportunities before them, the only barrier to achieving rapid growth was access to financing at a competitive cost.
Hitachi was able to offer a very attractive asset-based line of credit and demonstrated a deep understanding of the industry. Leveraging the expertise that other Hitachi companies had in telecommunications, Hitachi Business Finance was able to provide TowerComm with valuable insight about major players in the cell phone industry and their future plans. This enabled TowerComm to position itself for future success.
The arrangement has allowed the company to grow more than 100 percent in revenue in less than a year and provided the ability to add much-needed crews paramount to the success in their industry. It has also allowed them to invest in initiatives to grow the company even further.
“We were really impressed with how well Hitachi understood us and our needs. The freedom and flexibility has greatly freed up the management team’s time, offering us the opportunity to act strategically as we continue growing our company.”
– Mike Roe, CEO