Caruth Capital Partners, who are now doing business as Premier Outdoor Media, may be a new company entering the OOH space, but their CEO , Dominic Vastino, and President, Sean Corbett are not new to the industry. Dominic has worked with Landmark Dividend, Alliance Outdoor and Fuel Outdoor. Sean spent nearly 20 years at Clear Channel Outdoor where he built a book of business in excess of $40 million annually.
Premier Outdoor Media announced yesterday their acquisition of Jersey Premier Outdoor Media with inventory in Southern New Jersey, Philadelphia, Northern Delaware, and Maryland.
Insider caught up with a very busy Dom Vastino yesterday to talk about the acquisition.
Dom, you have just completed an acquisition of Jersey Premier Outdoor Media. Tell us about the assets your new company, Premier Outdoor Media, has purchased.
JPOM had 200+ faces of inventory including 10 digitals and 175 static faces. Strategically placed through out New Jersey, Pennsylvania, Delaware and Maryland.
Why was JPOM the right company for your initial acquisition?
I am very excited to have the opportunity to be involved with the purchase of such excellent inventory in areas that are very hard to cover with out-of-home. The growth opportunity that this base inventory affords us in the years to come was one of the key drivers in our decision to move on this deal. They had a solid infrastructure in place as a foundation to build a market leader in the Mid-Atlantic.
How long did it take you to get the acquisition closed?
t took over 6 months to close. Traditionally, we like to move more quickly than this. However since this was a proprietary deal with no intermediary, we were able take the time to do all the necessary due diligence and work through all the details with the seller to satisfy both parties involved.
I understand you are working with an investment partner? Can you tell us about them and how the deal was structured?
Sure, Caruth Capital Partners, LLC, (“CCP”), are the financial sponsors and our partners on Premier. CCP is a middle-market private equity firm based in Dallas, TX. CCP looks to acquire interests in lower-middle market businesses and partner with proven management teams to accelerate growth and meaningfully improve operations through disciplined value-creation methodologies.
Should we assume that Premier Outdoor Media will be looking to grow?
Looking ahead do you view yourself as a local, regional or national business?
Traditionally, our current client base is more local/regional however, our footprint warrants national client exposure and as a high priority. We see a lot of upside with national advertisers and we intend to develop those accounts into our business. Sean Corbett has a strong track record of placing national advertisers on great assets over the last 20 years and we expect to see the same type of performance on these assets. Our geographical footprint lends perfectly to serve not only Philadelphia’s 5th nationally ranked DMA and the regional areas of Southern New Jersey, Northern Delaware and Maryland, but national advertisers
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