Caruth Capital Partners LLC has acquired Jersey Premier Outdoor Media LLC, an outdoor advertising company. No financial terms were disclosed. JPOM will be rebranded as Premier Outdoor Media.
DALLAS, June 26, 2018 /PRNewswire/ — Dallas based middle-market private equity firm, Caruth Capital Partners, LLC (“CCP”) said today it has acquired substantially all the assets of Jersey Premier Outdoor Media, LLC, (“JPOM”) through an affiliated company. JPOM is a Mid-Atlantic based outdoor advertising company with over 200 billboards and digital faces in NJ, DE, MD and PA. As part of the acquisition, JPOM will be rebranded as Premier Outdoor Media (“Premier”).
The acquisition and rebranding to Premier Outdoor Media illustrates CCP’s focus on partnering with outstanding management teams to build market-leading businesses. As part of the transaction, CCP has partnered with two seasoned industry executives, Dominick Vastino and Sean Corbett. Mr. Vastino, CEO of Premier Outdoor Media, has a long history of building value with Fuel Outdoor, Alliance Outdoor Holdings and Landmark Dividend. Mr. Corbett, President and Head of Sales for Premier Outdoor Media, spent nearly 20 years at Clear Channel Outdoor where he built a book of business in excess of $40 million annually with year over year growth in revenue for 10+ years.
“We are thrilled to be partnering with Dominick and Sean and the team at Premier Outdoor Media. With Dominick’s experience in building value through a disciplined approach and Sean’s passion to build a world-class sales effort, we know that Premier will be a force to be reckoned with in the coming years,” said Tim Wegener, Caruth Co-Founder and Partner.
Ben deTar Wilhite, Caruth Co-Founder and Partner, continued, “We are excited to be back in the outdoor advertising industry and to be partnering with another strong management team. These types of assets with their attractive lease characteristics were exactly what we were looking for in a platform. The combination of this team and these assets will be very dynamic.”
Dominick Vastino, CEO of Premier Outdoor Media, said, “JPOM’s portfolio gives us a great starting point as we execute on our growth strategy. I am looking forward to working with our team to continue to expand Premier Outdoor Media’s foot print in the Mid-Atlantic.”
Sean Corbett, President and Head of Sales for Premier Outdoor Media, continued, “The opportunity to lead the sales and marketing efforts of such an excellent team of professionals is an amazing career opportunity. The inventory we’ll have to offer in the marketplace is second to none and we look forward to building and strengthening our relationships with our advertisers’ and bringing their campaigns to life.”
About Caruth Capital Partners
Founded by two career private equity professionals, Caruth Capital Partners (“CCP”) is a private equity firm headquartered in Dallas, Texas. The founders of CCP have invested and operated in more than 100 businesses across a wide variety of industries.
CCP looks to acquire interests in lower-middle market businesses and partners with management to accelerate growth and meaningfully improve operations through disciplined value-creation methodologies.