Pamlico and Primus sell Three Eagles to Digity for $66.5 mln

Digity Media has acquired Three Eagles Communications from Pamlico Capital and Primus Capital for $66.5 million. CEA Capital Advisors served as financial advisor to Three Eagles. Three Eagles is a radio broadcasting firm that owns and operates stations in Nebraska, Iowa, Minnesota and South Dakota.


NEW YORK–(BUSINESS WIRE)–CEA Capital Advisors announced today it acted as the financial advisor to Three Eagles Communications (“Three Eagles”) in its sale to Digity Media (“Digity”). Digity, a leading diversified local media, digital, entertainment and event marketing company, acquired Three Eagles Communications (“Three Eagles”) from Pamlico Capital and Primus Capital for $66.5 million. Three Eagles is a radio broadcasting company that owns and operates 48 radio stations across Nebraska, Iowa, Minnesota and South Dakota.

Digity was founded by Dean Goodman, its CEO, and Garrison Investment Group, through the merger of Palm Beach Broadcasting and GoodRadio.TV. The company is headquartered in Palm Beach County, Florida.

Dean Goodman said, “Digity is on-air, online, on-demand, on-location, and on-the-go. It connects today’s busy consumers with content they want, people they trust, products they enjoy and things that matter. We are very pleased to have completed the Three Eagles purchase and Digity intends to continue to grow in all areas of its operations.”

Rolland Johnson, the founder and CEO of Three Eagles, said, “I think it is an excellent time to be buying stations. Radio seems to have survived the perfect storm and should come out stronger than ever.” Johnson continued that “While on the NAB Board with Dean Goodman 10 – 12 years ago, Dean talked about his vision of buying stations and rolling them up into a diversified company. It is great to have a vision like Dean’s and to be able to follow through with it. Dean is getting a group of hard working people with award winning stations who deserve a chance to participate in something as exciting as what Digity offers. I congratulate him on an excellent purchase.”

In February 2014, Digity purchased 33 radio stations from NextMedia and operates those stations in San Jose, Chicago, suburban Dallas, Saginaw, Canton, Greenville and Myrtle Beach. Collectively, Digity owns and operates (or has under contract) 115 live and local radio stations around the country, making the Company a top five radio group.

CEA Capital Advisors, part of the CEA Group, advised Three Eagles on the sale process and placed $181 million of debt capital to help Digity Media finance the acquisitions of Three Eagles and NextMedia.

After being founded in late 2012, CEA Capital Advisors has completed 19 advisory assignments with an aggregate transaction value in excess of $1 billion.

About CEA Capital Advisors
CEA Capital Advisors is a leading independent investment bank focused on meeting the financial and strategic advisory needs of companies in the technology, media and telecommunications sectors. The firm has completed M&A and financing transactions for global corporations, middle-market and emerging companies, entrepreneurs and private equity firms.

About CEA Group
Founded in 1973, CEA is a leading provider of investment banking services and private equity to the global communications, media, entertainment, and information technology industries. With a team of highly experienced personnel worldwide, CEA has an unequaled depth and breadth of industry knowledge, expertise and long-standing industry relationships. CEA has completed over 900 transactions totaling $45 billion in 60 countries. CEA and its affiliates also manage, co-manage or participate in a worldwide family of private equity funds with committed capital of approximately $1.15 billion for private equity investments in the industries CEA serves. CEA’s reputation and track record of success are built on delivering innovative, value-added solutions and services to clients worldwide. CEA Atlantic Advisors, LLC is a FINRA Registered Broker-Dealer and a member of SIPC.

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