Boston Omaha, the parent company of out of home operator Link Media plans to raise $71.5 million via an IPO. The IPO is expected to price during the week of June 12, 2017. Boston Omaha’s owners Magnolia Capital Fund and Boulderado Partners will buy $47 million of the new equity. Boston Omaha was organized in 2009 to make investments in real estate, insurance and the out of home advertising industry.
The firm’s Link Media Holdings subsidiary owns an outdoor plant in Alabama, Florida, Georgia and Wisconsin acquired via 9 acquisitions. Boston Omaha’s Form 10-Q shows that Link Media had revenues and cashflow of $1.0 million and billboard gross profits of $523,000 for the 3 months ended March 31, 2017. Boston Omaha’s balance sheet includes cash of $24 million.
Link purchased 37 billboard structures in Georgia from Clear Channel Outdoor for $2.95 million in January 2017 and 91 billboard structures in Wisconsin from Hartlind Media in January 2017. In May 2017 Link Media signed an agreement to purchase one billboard structure in the Southeast from Tinsley media for $900,000.
Insider expects to see more acquisitions from Link. Link is run by experienced out of home executive Jim McLaughlin. Parent Boston Omaha has $24 million in cash with additional funds coming in via IPO. The company’s 2016 annual letter says that it is looking for billboard plants which meet the following criteria:
- Revenue of $1 to $8 million
- Owned land or long term leases.
- A sales staff which wants to stay with the plant.
To learn more, contact Jim McLaughlin, President/CEO, Link Media Outdoor, jim@linkmediaoutdoor.com, 404-917-3439.
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