OMAHA, Neb.–(BUSINESS WIRE)– Link Media Outdoor (“Link”), a subsidiary of Boston Omaha Corporation (NASDAQ: BOMN), has completed the acquisition of substantially all of the operating assets of Waitt Outdoor, LLC (“Waitt Outdoor”), based in Omaha, Nebraska. Founded in 1999, Waitt Outdoor has grown to become one of the leading outdoor companies in the Midwest with over 1,600 structures and 2,500 advertising faces, located in Illinois, Iowa, Kansas, Missouri and Nebraska.
“The Waitt Outdoor acquisition dramatically expands our Midwestern footprint, roughly doubling our advertising face count,” said Jim McLaughlin, President and CEO of Link. “In addition, we believe the quality of the inventory and the employees make this transaction very desirable and we are thrilled to add these talented performers to the Link team. Mike Delich, who is retiring from his CEO role to enjoy his family and other outside interests, has been a real pleasure to work with and the new friendship that we have developed with him over the past couple of months is a genuine benefit.
This deal marks the third acquisition that Link has closed in a month, which demonstrates our responsiveness to seller desires and how nimble our management and legal teams are in completing all the necessary work that needs to get done. We believe these are just a few of the important reasons why sellers have chosen to do business with Link as we continue our journey to seek to become one of the nation’s leading outdoor advertising companies.”
The purchase price for the acquisition was $82,000,000 in cash. A portion of the purchase price will be retained by Link for a period of up to 12 months as a partial source of recourse for any indemnification claims by Link. The purchase price is also subject to certain prorations of revenues and expenses to be determined within 90 days following the closing. Waitt Outdoor and Mike Delich have also agreed to not compete with the business for a period of five years.
“Waitt Outdoor is a high-quality collection of mostly static billboard assets that have been superbly managed over the last two decades. Accordingly, we paid a full price that is commensurate with the quality nature of these long duration assets,” said Adam Peterson, Co-President and Co-CEO of Boston Omaha Corporation. “We are excited to watch the team at Link build and extract value from our increasingly dense Midwest footprint.”
Waitt Outdoor was represented in the sale by Kalil & Co., Inc. Max Drachman of Kalil & Co. shared with Insider, “It was a privilege working with Mike Delich and the rest of the outstanding Waitt team. They assembled an excellent collection of assets, which will be a phenomenal addition to the quickly growing Link portfolio. We are confident Jim McLaughlin and Link will be great stewards of the assets for many years to come.”
Insider’s take: Link Media is on a roll. Motley Fool highlighted Link Media’s parent Boston Omaha in a recent article titled “3 Stocks Your Children Will Brag About Someday”.
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