Fairway Closes Sale of Remaining Assets to Standard Diversified

Fairway Outdoor has closed on the sale of its remaining markets in Kentucky and the Southeastern United States (Georgia, Alabama, Florida, Louisiana) to Standard Outdoor. The transaction is estimated at $40-45 million for approx 2,600 bulletins, 750 posters and 30 digitals.

The sale marks private equity firm GTCR’s exit from the out of home business.  In 2015 GTCR partnered with Adams Outdoor to purchase Fairway Media Group from ACON investments and MidOcean Partners.  Lamar purchased Fairway’s North Carolina, South Carolina, Georgia and Wisconsin for $418 million in December 2018.  Reagan purchased Fairway’s Indianapolis, Rochester, MN and Chattanooga assets in June 2019.

Standard Outdoor is a subsidiary of Standard Diversified, the publicly-traded holding company which has investments in out of home, tobacco and insurance.  Standard owns out of home assets in central Texas, northern Alabama, northeastern Florida and southeastern Georgia.

Standard Diversified closed the day up 2.5% to $13.58 on a day when the S&P 500 was flat, Outfront was up 3.6%, Lamar up 2.5% and Clear Channel Outdoor up 2.4%.

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