On last week’s earnings call OUTFRONT CFO Matt Siegel said the M&A pipeline was robust. Yesterday’s OUTFRONT announced the acquisition of Pacific Outdoor’s Portland out of home plant. Solomon Partners served as exclusive financial advisor to Pacific Outdoor. Here’s the OUTFRONT press release.
NEW YORK, May 12, 2022 /PRNewswire/ — OUTFRONT Media Inc. (NYSE: OUT), one of the largest out-of-home media companies in the U.S., announced today that it has acquired billboards and certain other business support assets in Portland, Oregon and Clark County, Washington from Pacific Outdoor Advertising. The acquired advertising assets include 211 large-format static displays, 21 digital displays, 709 posters, and 15 walls. The transaction was fully funded using cash on hand.
Portland is a rapidly growing market, having moved from the 25th ranked Nielsen Designated Market Area (“DMA”) to the 21st ranked DMA in just the last five years. This new OUTFRONT market represents the establishment of an urban-market foothold in the Pacific Northwest, and a significant expansion of OUTFRONT’s inventory, which already includes billboards in the non-urban areas of Oregon and Washington.
“This acquisition is an exciting entry into a new market, adding high-quality metropolitan assets to augment the region’s existing non-urban inventory. Our expansion into Portland also extends the company’s presence on the west coast, which already includes assets in Eugene, San Francisco, Fresno, Los Angeles, and San Diego,” said Jeremy Male, Chairman and Chief Executive Officer of OUTFRONT Media. “We are excited to add these highly attractive billboards to our portfolio, as well as welcome 25 new employees to the OUTFRONT team. Together, we look forward to helping our clients reach the growing audiences of the Portland area.”
And here’s the Pacific Outdoor press release.
May 13, 2022. Pacific Outdoor Advertising announced today that it has divested its Portland, Oregon assets to Outfront Media, Inc. A representative from Pacific’s partnership group stated, “Outfront is fortunate to add this team of incredible people to their organization and an amazing collection of outdoor advertising assets. We are confident the Portland team and operation are in good hands with Outfront, and we look forward to watching everyone’s continued success.” Pacific Outdoor will continue to operate its comprehensive inventory of Bulletins, Digital Bulletins and Wallscapes in Seattle, WA, along with the downtown Seattle Monorail station displays and train wraps.
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