Norris Outdoor has acquired 32 faces from Horizon Outdoor. The acquisition increases the Norris plant to 81 locations with 170 faces. Billboard Insider talked with Norris Outdoor President/Owner Jerod Norris about the transaction.
How did the transaction come about?
About 6 years ago I was introduced to Kim Wright, owner of a small Out-of-Home company called Horizon Billboards based in Northeastern Oklahoma. After a few phone visits we spent a day driving around looking at his structures, which began a nice business relationship between us. We kept in contact over the years, and actually acquired 11 faces during that time period, just by purchasing a couple of locations here and there. We’d often kick around the idea of him selling the rest of his inventory, but nothing ever came to fruition. Out-of-the-blue one day he called and said he’d be willing to sell his remaining assets of 30 locations with 32 faces. The asking price was fair for both parties, so we came to an agreement for acquisition.
What appealed to you about the Horizon plant?
Horizon’s footprint aligned well with ours and we felt their structures would be a nice addition while allowing us to fill some inventory gaps in Northeastern Oklahoma. In the Out-of-Home business, this was a small transaction for most companies, but a major acquisition for us. We have one full-time employee and a couple part-time installers. I can’t begin to tell you just how grateful we are for all their hard work and dedication in helping us grow this company.
What made the acquisition appealing?
I’ve always thought that it’s good business for Out-of-Home companies, especially the independents to have conversations with one another. Whether it be owners discussing ideas, tricks of the trade or referring business, we’re all trying to do the same thing. Oftentimes great relationships can be built even with a so-called “competitor”. I can only speak from what I’ve seen locally, but I really enjoy seeing the independents and even the large company reps happy to field a call or a polite email with each other. That’s what was most appealing to me during this process, each encounter was always very nice, friendly and cordial. I’d like to thank Horizon Billboards for allowing us this opportunity. They’ve built a nice plant over the years and we look forward to continuing on with their work. It started as a great business relationship that ended in a friendship and I think we all learned a few things along the way. “
Did you have a broker? No
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