Adrian J Cotterill, Editor-in-Chief
Pearl Media, in partnership with Seaport Capital, has acquired LURE Outdoor, making it one of the premier street level Out of Home Media companies in the United States.
Joshua Cohen, CEO of Pearl Media told us “Pearl Media was born in OOH on the street level, pioneering the acceptance of Storefronts into the OOH media mix over a decade ago. Today the business has grown in several directions, however we have never lost our love for the medium and we recognized LURE has done an amazing job building out this high-profile permitted inventory in some of the top neighborhoods and cities in the country. We could not be more thrilled about the opportunity in front of us to continue to build out this portfolio with the expanded team”.
Based in New York City, LURE Outdoor’s OOH mix encompasses over 120 high profile street level billboards, barricades and storefronts throughout New York City, Brooklyn, Chicago, and Los Angeles.
Bob Tamashunas, Partner at Seaport Capital said “Josh and his team have done an extraordinary job building Pearl into a leader in the OOH space and giving it the competitive edge that it has today. Seaport has invested in OOH companies over the last 25 years, and we believe that the collection of Pearl and LURE assets is extremely unique and attractive in the markets in which they operate,”.
In addition, Pearl continues to focus on delivering brands more specific media buys through partnerships with some of the most sought-after mixed-use developments and large format OOH assets in urban core downtown markets around the country. The acquisition enables the Company to provide significant, expanded reach to high impact media within trendsetting hubs of major cities.
Founded in 1997, Seaport Capital is a lower middle-market buyout firm that invests in communication infrastructure and services, business and information services, and media companies (the “Focus Sectors”). Seaport typically invests $10 to $40 million of equity capital in companies generating EBITDA between $3 and $15 million. Seaport is currently investing through Seaport Capital Partners VI, a 2020 vintage fund. Seaport’s substantial industry expertise and investing experience enable it to develop successful strategies in partnership with management teams; its relationships and professionals help achieve them. Nearly all of Seaport’s platform investments have been owned by founders or entrepreneurs seeking a collaborative institutional partner to provide the financial and operational resources to grow their businesses and execute on a successful strategic plan.
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