Partnership will empower Las Vegas Billboards to expand its existing footprint of digital billboards and enhance its value proposition to local and national advertisers.
(January 31, 2025 – Las Vegas, NV) – Las Vegas Billboards (the “Company” or “LVB”), the owner and operator of the largest privately-owned digital billboard portfolio in Nevada, announced today that it has sold a substantial interest in the Company to an investment partnership managed by BH3 Fund Advisors and Heritage Outdoor Media (the “Sponsors”). The investment was made through the Sponsors’ third private investment fund focused on value-add acquisitions and development of truly unique U.S. out-of-home (“OOH”) advertising assets. BH3 Fund Advisors and Heritage Outdoor Media held a first closing for the new fund and are actively seeking opportunities to deploy growth capital into U.S. OOH businesses with entrepreneurial operators.
Founded in 1987, Las Vegas Billboards has a long-standing track record of developing, managing and operating billboard assets in Las Vegas. The Company is led by Chad Harris, a second-generation billboard owner and operator with over 30 years of industry experience. Following the Sponsors’ investment, Chad will retain his significant ownership position and role as President, as the Company pursues its next chapter of growth.
“Las Vegas Billboards has built its reputation by offering the best locations and an extensive network of billboards, paired with service that consistently exceeds expectations. Now, as we look to the future, we aim to elevate those expectations and continue our legacy of growth and innovation.” said Harris. “BH3 and Heritage have already bolstered the Company with new development opportunities, access to equity and debt capital, operational support and national advertising relationships.”
“Chad is an extremely talented and experienced developer of digital billboards. We are thrilled to partner with Las Vegas Billboards as they pursue their next phase of growth,” said James Manfredi, Co-Founder/Co-CEO of Heritage Outdoor Media.
“Las Vegas Billboards has an outstanding reputation for delivering differentiated advertising and media solutions to local businesses in the greater Las Vegas area. We look forward to expanding the platform to further enhance this unique value proposition to business owners and national brands,” said Rob Sales, Head of BH3’s Growth Equity division. “This is a text-book example of how our third fund aims to identify and partner with savvy operators to create value in existing outdoor companies for the benefit of all stakeholders.”
The new partnership with BH3 and Heritage comes at a time of significant economic and population growth within the Las Vegas DMA, which has helped to establish Las Vegas as the 12th largest OOH market in the U.S. with OOH advertising sales of $126 million in 2023, having grown 75% since 2021 according to Outdoor Advertising Association of America. “Las Vegas has become one of the most important and attractive markets for national advertisers. Our partnership with LVB will allow Heritage to offer an even broader and more impactful portfolio of OOH inventory to national advertisers and media agencies,” said Rob Tuccillo, Co-founder/Co-CEO of Heritage Outdoor Media.
“With a robust portfolio spanning prime locations across and around the Las Vegas Valley, Las Vegas Billboards strategically places advertisers in the heart of one of the most vibrant and high-traffic markets in the world. From the bustling Las Vegas Strip to major highways and key suburban corridors, our billboards are positioned to capture the attention of millions of residents and visitors alike. By combining unmatched visibility with a commitment to excellence, we provide advertisers with the tools they need to effectively connect with their target audiences and achieve meaningful results,” said Harris.
Johnsen, Fretty & Company served as exclusive investment banker to Las Vegas Billboards. McGrath North Mullin & Kratz acted as legal counsel to Las Vegas Billboards, led by attorneys Stacey Shadden and Rachel Meyer. Stearns Weaver Miller acted as legal counsel to the Sponsors, led by attorneys Sarah Klee and Kyle Louramore.
Learn more about Las Vegas Billboards’ and Heritage Outdoor Media’s network of digital billboards located across New York, Chicago, Los Angeles, Milwaukee and Las Vegas.
About Las Vegas Billboards
Founded in 1987, Las Vegas Billboards is an outdoor media operator managing the largest privately-owned digital billboard portfolio in Nevada with over 50 billboard faces. For more information, visit www.lasvegasbillboards.com.
About Heritage Outdoor Media
Heritage is a third-generation, family-owned outdoor advertising company that develops, acquires, owns and operates its own signage portfolio along with providing consulting, and management services to public agencies and property owners. Heritage manages over 85 billboard faces located across New York, Chicago, Los Angeles and Milwaukee. For more information, visit www.heritageoutdoormedia.com.
About BH3
BH3 is a national real estate investment, operations, and development firm led by co-founders Daniel Lebensohn and Gregory Freedman, and Executive Chairman Eric Edidin, along with 28 additional professionals between its offices in South Florida, New York City, and Denver. The company’s core strategies include: Real estate development and opportunistic equity investments, real estate debt Investments and growth equity investments in operating businesses in real estate, construction and adjacent sectors. The firm and its partners place a strong emphasis on value creation and making a positive impact on the communities where they invest. For more information, visit www.bh-3.com.
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