Gail Chiasson, North American Editor
GTCR, Chicago-based private equity firm, has partnered with Adams Outdoor, Roswell, Georgia, to acquire Fairway Media Group LLC, Greenville, South Carolina, from ACON Investments, Washington, D.C., and MidOcean Partners, New York.
Fairway operates approximately 20,000 bulletins, posters and digital billboard faces across key metro areas in the Southeast, Southwest and Midwest regions of the US. Fairway had been acquired by affiliates of ACON in Oct., 2009, and merged with Olympus Media Group, a portfolio company of MidOcean, in June, 2012.
Ken Brotman, founding partner of ACON, says, “We are proud of the progress we made at Fairway during our investment, building Fairway into an innovator in the outdoor advertising sector, and believe this new partnership with GTCR represents an exciting next chapter for the company’s growth.”
During ACON and MidOcean’s ownership period, Fairway achieved significant growth through organic initiatives including digital conversions and a variety of revenue-driving operational improvements. Fairway also pursued a number of strategic transactions – both acquisitions and asset swaps – and invested in a variety of cost-saving new technologies.
GTCR focuses on partnerships with outstanding management teams to acquire and grow market-leading companies.
Since 1983, Adams Outdoor has been a provider of outdoor advertising solutions and has made outdoor into a advertising medium of choice for its clients. Its products include over 160 digital displays across the US.
GTCR is partnering with Adams Outdoor, Kevin Gleason and Abe Levine, Adams Outdoor CEO and CFO respectively, and existing Fairway management to enhance Fairway’s strong customer relationships and further expand its outdoor advertising offerings.
David Donnini, managing director at GTCR, says, “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 is a great company with strong market presence and high quality assets in attractive, fast-growing economies,” says Kevin Gleason, CEO of Adams Outdoor.
Craig Bondy, managing director at GTCR, says, “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.”
Founded in 1980, GTCR has invested more than $10 billion in over 200 companies. GTCR’s investment in Fairway was funded from GTCR Fund XI, a private equity fund raised in 2014 with $3.85 billion of limited partner equity capital commitments. Newstone Capital Partners provided mezzanine debt financing in connection with the transaction. Adams Outdoor will assume a minority ownership stake in Fairway.
Follow DailyDOOH