Grey Outdoor Purchases Cardinal Sign Company

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Grey Vick, Owner, Grey Outdoor

Grey Outdoor, LLC  announced the purchase of billboard sign assets owned by Cardinal Sign Company. The purchase included 19 Sign Structures with 50 billboard sign faces in South Carolina. The purchase extended Grey’s coverage area from south of Florence SC to near Charleston SC. Areas of coverage include Sumter SC, Manning SC, Lake City SC, Turbeville, SC, Bonneau SC, Monks Corner, SC, Kingstree SC, Georgetown SC, Coward SC, Pineville SC, Macedonia, SC, Greeleyville, SC, Hemingway SC, and St Stephen SC.  Most of the signs were 10×24 Ft Faces and a few were 8×16 Ft & 9×18 Ft Stacked Structures.  The inventory is located in Sumter, Clarendon, Berkeley, Florence, Williamsburg, and Georgetown Counties.  Many of the signs are on major thoroughfares in these areas including Highway 52 & Highway 378.  Insider talked with Grey Outdoor’s owner Grey Vick about the purchase.

Tell us about Cardinal

Cardinal Sign Company was started and run by Phil Hanna until his death in 2016.  We want to run the company and continue on the legacy of Phil and Cardinal Sign Company.  Our plan is to make the most of the assets for the advertisers and landowners that have worked with him for many years.  The signs will be a great complement to many of the advertisers Grey Outdoor has in South Carolina.

What made the acquisition attractive?
When I first looked at these locations I wasn’t very interested.  After some time had gone by, the owner of the signs Phil Hanna passed away and his son in law took over the signs.  His son in law Joe wanted a smaller independent company to take over the signs instead of a bigger company. he did some research about us online he realized we were the right fit for the signs.  He offered us a deal that we couldn’t refuse.
How did you finance the acquisition.
We came up with enough down payment to make sense for them to sell the signs.  The owner held a note for the balance.
What are your future growth objectives?
I see more and more people realizing the power of outdoor advertising, so we are optimistic about the growth opportunities around us.  We know we will continue to grow by helping as many people as possible grow their companies.

 

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