Platinum Equity has made an irrevocable binding offer to acquire the assets of CBS Outdoor International, an outdoor media company, for approximately $225 million.
CBS Outdoor is among the largest out-of-home media and billboard businesses in Europe, and provides media services to outdoor advertising agencies and direct clients in the United Kingdom, Ireland, France, Italy, the Netherlands, Spain and China. The Americas division of the company is led by CEO Wally Kelly (based in New York) and the international division is led by CEO Antonio Alonso (based in London) (www.cbsoutdoorinternational.com).
CBS Outdoor was originally known as 3M National, the outdoor advertising subsidiary of the 3M Company; it was later spun out into a new company, Outdoor Systems. This new company would later acquire Gannett Outdoor from the Gannett Company. In 1997, it was bought by Infinity and became Infinity Outdoor. Infinity was absorbed into Viacom in 1999, and became Viacom Outdoor. When Viacom split from CBS Corporation it became CBS Outdoor.
“This was a complex carve out that required real collaboration between buyer and seller with a strong emphasis on quality of execution,” said Platinum Equity Chairman and CEO Tom Gores. “We are fortunate to have developed a great relationship with CBS throughout this process. With our international reach and operational resources we can move quickly to complete a seamless transition and create real value in this business.”
Platinum Equity invests in a range of industries including information technology, telecommunications, logistics, metals services, manufacturing and distribution. Platinum Equity has completed nearly 150 acquisitions with more than $27.5 billion in aggregate annual revenue at the time of acquisition. The firm is based in Beverly Hills and also has offices in New York and London (www.platinumequity.com).
“CBS Outdoor is a well-established brand with valuable media assets and broad reach throughout Europe,” said Bastian Lueken, the head of Platinum Equity’s European M&A team who is leading the proposed transaction. “We look forward to rolling up our sleeves and working toward new levels of success.”
© 2013 PEPD • Private Equity’s Leading News Magazine • 7-18-13
