TowerCo, a Cary-based cellphone tower company, has received a $300 million equity investment from Peppertree Capital Management Inc., a private equity firm based in Chagrin Falls, Ohio.

Founded in 2004, TowerCo builds, owns and leases out communication towers to wireless carriers and service providers.

Peppertree Capital Management invests in communication infrastructure and states that its “core investment thesis is that the demand for data will overwhelm the wireless networks for the foreseeable future.”

The company invests in “companies that own the towers, the wireless spectrum and the fiber networks that make your mobile phone work.”

TowerCo and Peppertree’s “newly formed partnership” is Peppertree’s 76th investment.

TowerCo also announced that the company’s co-founder and former CEO, Richard Byrne, has been replaced by Todd Boyer. Formerly TowerCo’s chief development officer, Boyer has led TowerCo’s sales and marketing efforts for co-location and build-to-suit sales for the last 14 years.

No announcement was made as to why Boyer would replace Byrne.

The release can be found here.