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Carlyle Funds Adams Outdoor

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The Carlyle Group has provided a debt financing package to Adams Outdoor Advertising, one of the largest independent providers of outdoor advertising in the United States.

Privately-held Adams Outdoor is an operator of billboard advertising products in 12 markets across 8 states in the Midwest, Mid-Atlantic and Southeast regions of the country. The company, led by CEO Kevin Gleason, was founded in 1983 by Steve Adams and is headquartered in Lansing, Michigan.

“The Carlyle team’s deep experience providing capital and strategic guidance to companies in transition will be invaluable to our business. We are thrilled that Carlyle shares our vision for the future of Adams Outdoor,” said Mr. Gleason.

Carlyle’s funded this investment through its Credit Opportunities Fund (Carlyle Credit) which closed in July 2019 with $2.4 billion of capital. The fund invests in directly originated transactions for upper middle market borrowers, including non-private equity sponsored, family, or entrepreneur-owned companies.

“The management team at Adams Outdoor has built a dynamic business that has grown impressively and driven innovation in the outdoor advertising industry across various changing market environments,” said Alexander Popov, a managing director and head of Carlyle Credit. “We’re excited to partner with this exceptional team to further build upon the company’s leading market position.”

Carlyle Credit’s transactions include secured loans, senior subordinated debt, mezzanine debt, convertible notes, as well as preferred and common equity. Many of the firm’s investments are originated through Carlyle Group. Carlyle Credit has an 18-person team and offices in New York and London.

The Carlyle Group (NASDAQ: CG) invests worldwide in buyouts, growth capital, real estate, and leveraged finance. The firm, with $222 billion of assets under management, employs approximately 1,775 people in 32 offices across six continents and is based in Washington, DC.

Private Equity Professional | May 28, 2020

Caruth Acquires Jersey Premier Outdoor

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Caruth Capital Partners has acquired Jersey Premier Outdoor Media and has renamed the company Premier Outdoor Media.

Premier Outdoor Media is an outdoor advertising company with over 200 billboards and digital faces in New Jersey, Delaware, Maryland and Pennsylvania. The company was founded by Chet Atkins in 1998 and is headquartered in Moorestown, NJ (www.jpom.net).

CCP partnered with two industry executives, Dominick Vastino and Sean Corbett, on this transaction. Mr. Vastino is now the CEO of Premier Outdoor and most recently he was the co-founder of Alliance Outdoor, an outdoor advertising company headquartered in Hoboken, NJ. Mr. Corbett is now the President and Head of Sales for Premier Outdoor. He spent nearly 20 years at Clear Channel Outdoor where he built a book of business in excess of $40 million annually.

“Premier Outdoor Media’s portfolio gives us a great starting point as we execute on our growth strategy,” said Mr. Vastino. “I am looking forward to working with our team to continue to expand the company’s footprint in the Mid-Atlantic.”

“We are thrilled to be partnering with Dominick and Sean and the team at Premier Outdoor Media.  With Dominick’s experience in building value through a disciplined approach and Sean’s passion to build a world-class sales effort, we know that Premier will be a force to be reckoned with in the coming years,” said Tim Wegener, Caruth Co-Founder and Partner.

Caruth Capital Partners invests in lower-middle market businesses and was co-founded by Tim Wegener and Ben deTar Wilhite. The firm is based in Dallas.

© 2018 Private Equity Professional | June 27, 2018

Audax Buys Astra Pacific Outdoor

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logo (10)AllOver Media, a portfolio company of Audax Private Equity since March 2015, has acquired Astra Pacific Outdoor.

astra nf11Astra Pacific is an outdoor advertising company that provides high profile outdoor assets including wallscapes, billboards and double-decker bus advertising in the New York, Los Angeles, Chicago, San Diego, and San Francisco markets. Customers of Astra Pacific include many well-known brands in the entertainment space such as Dreamworks, Universal, NBC and HBO as well as Chase, LG, Coca-Cola, AT&T and Land Rover. The company is led by Astred Rodriguez, CEO.  Astra Pacific has offices in New York and Los Angeles (www.astrapacific.com).

allover media nf1AllOver Media (AOM) is one of the largest out-of-home advertising platforms in the US.  The company’s core products include gas station advertising, truckside advertising, indoor advertising, door hangers and cash jackets (cash jackets are branded money envelopes given out at check cashing locations).  AOM’s media products are placed at convenience stores and gas stations, on truck sides and at a variety of indoor locations, including restaurants, nightclubs and sports arenas.  The company provides national, regional or local media plans to its more than 1,000 member customer base.  AOM was founded in 2002 and is headquartered in Minneapolis (www.allovermedia.com).

Tony jacobson nf1“This acquisition is a great complement to our existing truckside and bus wrap platforms, and gives us a strong presence with exclusive inventory in some of the top markets in the country,” said Tony Jacobson, CEO of AllOver Media. “Our ability to extend a brand’s presence in these key markets will be valuable to the entertainment category, particularly on the west coast. The double decker bus digital screens are an emerging platform that can really bring a brand’s story to life.”

Audax has been active with AllOver Media and has closed two add-on acquisitions since acquiring the company in March 2015. In July 2015 it acquired the social indoor and the family network divisions of Zoom Media; and – also in July 2015 – acquired Resort Media, an advertising company serving North American winter resorts.

The Audax Group makes control investments of $10 million to $100 million in middle market companies with transaction values of $25 million to $500 million. Sectors of interest include industrial manufacturing; energy; outsourced industrial services; consumer products; healthcare devices and services; non-asset based logistics; technology; aerospace & defense; business services; and direct marketing. The firm was founded in 1999 and has offices in Boston, New York and Menlo Park (www.audaxgroup.com).

© 2016 Private Equity Professional • Private Equity’s Leading News Magazine • 3-14-16

GTCR Acquires Fairway Media Group

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fairway nf1GTCR has partnered with Adams Outdoor Advertising to acquire Fairway Media Group from ACON Investments and MidOcean Partners.  Fairway is one of the country’s largest privately held outdoor advertising companies. GTCR – with a majority equity position in Fairway Media Group – is partnering with Adams Outdoor, Adams Outdoor CEO Kevin Gleason, Adams Outdoor CFO Abe Levine and existing Fairway management.

david donnini nf3“We are thrilled to have the opportunity to partner with Adams Outdoor in this transaction,” said David Donnini, Managing Director at GTCR. “Kevin Gleason and Abe Levine are proven veterans of the outdoor advertising industry, and we look forward to working with them to continue building a leading outdoor advertising franchise at Fairway.”

Fairway Media Group operates approximately 20,000 bulletins, posters and digital billboards across numerous metro areas in fifteen states throughout the Southeast, Southwest and Midwest regions. The company was founded in 1983 and is headquartered west of Charlotte in Duncan, SC (www.fairwayoutdoor.com).

craif bondy“Kevin and Abe have an exceptional track record in operating and managing outdoor advertising companies, and this transaction demonstrates GTCR’s commitment to finding creative ways to partner with leading management teams,” said Craig Bondy, Managing Director at GTCR. “Fairway is a unique asset within the outdoor advertising industry, and we look forward to supporting the growth opportunities available through acquisitions and internal investments.”

GTCR’s investment in Fairway was funded from GTCR Fund XI, a private equity fund raised in 2014 with $3.85 billion of capital commitments. Dallas-based Newstone Capital Partners (www.newstone.com) provided mezzanine debt financing to support the transaction.

GTCR pioneered the investment strategy of identifying and partnering with executives to acquire and build companies through a combination of acquisitions and internal growth. The firm currently has nearly $11 billion in assets under management. Since its inception in 1980, GTCR has invested more than $10 billion in over 200 companies. The firm is based in Chicago (www.gtcr.com).

Adams Outdoor Advertising was founded by Steve Adams in 1983 and operates in eight states in the Midwest, Mid-Atlantic and Southeast regions of the country. The company is headquartered in Roswell, GA (www.adamsoutdoor.com).

Deutsche Bank Securities served as M&A advisor to GTCR, Stephen McNeely of Tantara Capital Partners served as an industry advisor, and Kirkland & Ellis served as legal counsel to GTCR.  Moelis & Company served as financial advisor to Fairway, and Hogan Lovells US served as its legal advisor. 

© 2015 PEPD • Private Equity’s Leading News Magazine • 1-21-15

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