NEW YORK – Global investment firm The Carlyle Group (NASDAQ: CG) today announced that it has provided a debt financing package for Adams Outdoor Advertising, one of the largest independent suppliers of premium out-of-home media. The Company, which owns and operates advertising assets in 12 core markets across the U.S., will use the proceeds from the financing to strengthen its nationwide business operations.
Carlyle’s Credit Opportunities Fund, part of the firm’s Global Credit platform, underwrote the deal. The $2.4 billion fund, which closed in July 2019, invests in directly originated private capital solutions primarily for upper middle market borrowers, including non-private equity sponsored, family or entrepreneur-owned companies.
Alexander Popov, Managing Director and Head of Carlyle’s Credit Opportunities Fund, said, “The management team at Adams Outdoor has built a dynamic business that has grown impressively and driven innovation in the outdoor advertising industry across various changing market environments. We’re excited to partner with this exceptional team to further build upon the company’s leading market position.”
Kevin Gleason, CEO of Adams Outdoor Advertising, said, “The Carlyle team’s deep experience providing capital and strategic guidance to companies in transition will be invaluable to our business. We are thrilled that Carlyle shares our vision for the future of Adams Outdoor.”
An 18-person team based in New York and London advises the Carlyle Credit Opportunities Fund, and invests across the capital structure through a combination of secured loans, senior subordinated debt, mezzanine debt, convertible notes and other debt-like instruments, as well as preferred and common equity. The fund benefits from proprietary investment opportunities originating from within Carlyle and the firm’s global resources and operating expertise.
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across four business segments: Corporate Private Equity, Real Assets, Global Credit and Investment Solutions. With $217 billion of assets under management as of March 31, 2020, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. The Carlyle Group employs more than 1,775 people in 32 offices across six continents. Further information is available at www.carlyle.com. Follow The Carlyle Group on Twitter @OneCarlyle.
Carlyle Global Credit is the credit investment arm of The Carlyle Group with approximately $49 billion of assets under management. The group’s investment strategies span the credit spectrum: liquid credit, illiquid credit and real assets credit. Since 1999, Carlyle Global Credit has provided creative solutions for borrowers and delivered attractive risk-adjusted returns for investors by drawing on the deep credit expertise and disciplined underwriting capabilities of our over 150 investment professionals and by leveraging the resources and industry expertise of Carlyle’s global network.
About Adams Outdoor Advertising
Founded by Steve Adams in 1983, Adams Outdoor Advertising is an industry leader with a dramatic track record of annual revenue growth. Still privately held, Adams has grown strategically during its 31-year history, now operating in eight states in the Midwest, Mid-Atlantic and Southeast regions of the country. Adams was one of the first outdoor operators to capitalize on the use of digital technology, today operating approximately 160 digital displays nationwide. The company prides itself on its strong marketing organization and experienced management team. For more information, please visit www.adamsoutdoor.com.
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