While with The Cumberland Group, a Virginia-based radio and communications management company, Gary Hearl realized the value of vacant space on towers. Subsequently, he initiated one of the most aggressive tower and sub-carrier leasing programs in that state, resulting in significant business with the major wireless carriers. Having realized such success, Mr. Hearl founded a company to provide marketing and leasing services to other tower owners throughout the region. In 1998, the enterprise became Pegasus Tower Company, LTD.

Armed with a business plan and part-time colleague, Mr. Hearl began laying the foundation for Pegasus Tower by signing management agreements with former peers in the broadcast industry while also optioning attractive greenfield sites for new wireless tower facilities. In addition, Mr. Hearl diligently raised equity capital enabling him to expand Pegasus internally as well as broaden its geographic focus.

In December of 1999, Pegasus Tower boasted an inventory of 75 managed sites in a four-state region. Today, Pegasus Tower has thousands of sites in its inventory throughout the U.S. and was listed as a Top 10 Tower Company by RCR Wireless in 2010.