January 3, 2022

This is to announce the closing on outdoor assets in North Carolina and Virginia from Toby Outdoor to Adams Outdoor Advertising.

The Seller, Toby Outdoor, is a North Carolina-based company headed by Jim Troy.

Jim says, “It’s extremely gratifying to have the opportunity to sell these assets to a first-class organization that truly appreciates their quality. It’s been a joy working with everyone at Adams! Happy New Year indeed!”

The Buyer, Adams Outdoor Advertising, is a Minnesota-based company headed byKevin Gleason. Kevin says, “The acquisition of Toby Outdoor is a beautiful gift with which to end the year for Adams Outdoor. We want to thank Jim Troy for building and operating such a fantastic portfolio of assets and for giving us the opportunity to expand our footprint in North Carolina. Happy New Year!”

KALIL & CO., INC. is the broker for this transaction.

Insider spoke with Lou McDermott at Kalil & Co. to get some additional detail on the transaction.

Lou, how many structures and faces does this add to Adams Outdoor portfolio?

In total these are 96 structures with 186 faces

What made Toby Outdoor an attractive acquisition for Adams Outdoor?

Toby’s plant fit in nicely with Adams’ Winston-Salem, NC operation.

Behind the scenes, what additional pressure is created as all the parties involved push for a year end closing?

The time constraint worked to all parties benefit here. The Adams and Toby teams were laser focused on their respective deliverables.

What role do you play in those final days before closing?

Our role at that juncture is to make sure all deliverables are on track. If anything is slipping, we bird dog it to remove any delays. In this case, and as mentioned above, the Toby and Adams teams worked in concert to achieve a closing in a very compressed time frame. It was a great way to end the year!

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