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Pamlico and Primus Exit Three Eagles

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three eagles nf1Digity Media has acquired Three Eagles Communications, a radio broadcasting company and a portfolio company of Pamlico Capital and Primus Capital, for $66.5 million. Pamlico Capital first invested in Three Eagles in 2002.

Three Eagles Communications is an operator of 48 small and medium sized radio stations across Nebraska, Iowa, Minnesota and South Dakota. The company’s radio properties are strategically clustered to take advantage of regional and national advertising opportunities. Three Eagles Communications is headquartered in Lincoln, NE (www.threeeagles.com).

Digity is a diversified local media, digital, entertainment and event marketing company.  In February 2014, Digity purchased 33 radio stations from NextMedia and operates those stations in San Jose, Chicago, suburban Dallas, Saginaw, Canton, Greenville and Myrtle Beach. Collectively, Digity owns and operates (or has under contract) 115 live and local radio stations around the country, making the company a top five radio group.  Digity was founded by Dean Goodman, its CEO, and Garrison Investment Group, through the merger of Palm Beach Broadcasting and Good Radio Networks.  The company is headquartered in West Palm Beach (www.digity.me).

dean goodman nf1“Digity is on-air, online, on-demand, on-location, and on-the-go. It connects today’s busy consumers with content they want, people they trust, products they enjoy and things that matter,” said Mr. Goodman.  “We are very pleased to have completed the Three Eagles purchase and Digity intends to continue to grow in all areas of its operations.”

CEA Capital Advisors advised Three Eagles on the sale process and placed $181 million of debt capital to assist Digity Media in financing the acquisitions of both Three Eagles and NextMedia.

CEA Capital Advisors is an investment bank that specializes in the technology, media and telecommunications sectors. The firm has completed M&A and financing transactions for corporations, middle-market and emerging companies, entrepreneurs and private equity firms. The firm has offices in New York, Los Angeles, and Tampa (www.ceacapitaladvisors.com) (www.ceaworldwide.com).

2014 PEPD • Private Equity’s Leading News Magazine • 10-28-14

Breakwater Invests in L&L Broadcasting

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Breakwater Investment Management has invested in L&L Broadcasting to fund the acquisition of Triad Broadcasting Company, an operator of radio stations, for $21 million in cash.

L&L, which stands for “live and local”, is a Portland-based radio broadcasting company formed in September 2012 by radio veteran Larry Wilson for the purpose of acquiring the assets of Triad Broadcasting Company.  Triad’s radio station group is comprised 32 stations in 5 mid-sized markets (Biloxi, MS; Bluefield, WV; Fargo, ND; Hilton Head Island, SC; and Peoria, IL). Simultaneous with closing of the Triad acquisition, L&L spun off six of the acquired radio stations located in Fargo, ND to Jim Ingstad, a long-time broadcaster and local resident of Fargo, for $9.5 million.

Prior to L&L, Mr. Wilson founded Citadel Communications in 1984, starting with only two radio stations. In 2001, Citadel Communications, with over 200 radio stations, was sold to Forstmann Little for $2.1 billion. Mr. Wilson is also Chairman of Alpha Broadcasting, the owner of six radio stations in Portland, OR.

“We are absolutely delighted to be in a partnership with a world-class management team in the radio broadcasting industry,” said Saif Mansour, founder and Managing Partner at Breakwater. “We have full confidence in Larry Wilson and the ability of his highly experienced team to provide outstanding leadership in maximizing L&L’s assets organically and using its strong market position as a platform for further growth through acquisition. We are delighted to be a financial sponsor in this initial acquisition by L&L, and we look forward to the possibility of providing further acquisition financing for future targeted opportunities.”

“We have acquired a group of excellent radio stations with very special people who do superb live and local radio,” said Larry Wilson, Chairman at L&L. “We greatly appreciate the effort and flexibility of Breakwater in helping to facilitate this acquisition of Triad’s assets. We look forward to assembling world-class talent, growing dominant clusters, and developing L&L into the next growth leader in the market. Breakwater’s speed and flexible approach allowed us to close a complex transaction efficiently.”

Breakwater Investment Management specializes in direct investments in small to lower middle market growth businesses with annual sales ranging from $5 million to $100 million. The firm serves as general partner of Breakwater Structured Growth Opportunities Fund, LP, a $100 million open-ended private investment partnership organized in August 2008. The fund’s investment objective is to generate both current income and capital appreciation through secured debt investments accompanied with equity participation rights, primarily in growth-oriented companies across a variety of industries. The firm is based in Los Angeles (www.breakwaterfund.com).

© 2013 PEPD • Private Equity’s Leading News Magazine • 5-7-13

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