Stark Capital Solutions acted as the exclusive advisor to Lamar Advertising Company in Lamar’s acquisition of Burkhart Advertising in South Bend, Indiana, which was announced yesterday.
Burkhart, the 8th largest out-of-home company in the United States, was formed in 1964 by Charles Burkhart. The company was owned and run by a multi-generation of Burkhart descendants, Jenny Miller (2nd generation) and her children Charles, Sara, and Buck Miller (3rd generation). Charles Miller was the CEO.
At the time of the divestiture, Burkhart owned 1,540 structures displaying 3,262 advertising faces. The top advertising markets included South Bend, Fort Wayne, Lafayette, Muncie, and Anderson, Indiana. The acquisition included all real estate related to the operation.
Lamar was represented in the transaction by Chris Stark of Stark Capital Solutions. Terms of the deal were not disclosed.
Chris Stark commented, “Burkhart is one of the most respected multi-generational family operations in the industry. Stark Capital has enjoyed nearly two-decades of working with Burkhart and the Miller family on various transactions. Lamar’s REIT status, and strong interest in strengthening its northern Indiana presence positioned it well to provide an appealing transaction structure to the Miller family. It was an honor to assist Lamar in its acquisition of this venerable company.”
Charlie Miller of Burkhart said, “Our family has always admired Lamar’s way of doing business, and their industry leading excellence. In many ways we have tried to emulate the way they do business. We are excited to watch with pride what Lamar is able to do to take our business to the next level. We are also excited for the opportunities joining Lamar will provide to our valued employees.
About Stark Capital:
Stark Capital, an OOH focused investment bank, has provided capital and merger & acquisition advisory services to the Billboard Industry for over 20+ years. By assisting operators through a variety of investment banking engagements, Stark Capital has successfully closed over 400-Industry specific transactions creating a total transactional volume in excess of $500MM.
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