Lamar Advertising has acquired Atlanta, Georgia-based Corey Airport Services, a boutique advertising agency that specialises in airport advertising displays – Lamar broke into the airport advertising business two years ago with the acquisition of Alliance Airport Advertising, Ed.
Corey Airport Services has contracts with nine airports in seven southern states, including Dallas Love Field. Lamar currently has concessions in 11 airports, most of which are in the west or southwest.
Lamar President and CEO Sean Reilly said “It’s not a big deal but we’ll do about $10 million in revenues out of it and give or take $1 million in cash flow contribution, and that will take our airport business to where it’s doing about $38 million to $40 million in revenues and $5 million in cash flow contribution. So it’s a growing part of our business.”
The acquisition, which will close July 1, will double the number of airports in which Lamar is doing business. Terms of the acquisition were not disclosed.
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