Vector Media, a portfolio company of Spire Capital, has acquired Laurel Outdoor, an outdoor advertising company in the New Orleans metro area. No financial terms were disclosed.
NEW YORK, May 6, 2019 /PRNewswire/ — Spire Capital is pleased to announce the acquisition of Laurel Outdoor (“Laurel”) through its portfolio company, Vector Media (“Vector”). Laurel is the exclusive municipal transit advertising partner of the city of New Orleans, Jefferson Parish and St. Bernard Parish, operating all bus and bus shelter inventory in Orleans and Jefferson Parish as well as bus benches and bus shelters in St. Bernard Parish. Through the acquisition, Vector will add over 160 buses, 60 streetcars (the historic St. Charles and Riverfront/Canal streetcars), and approximately 640 bus shelters panels to its rapidly growing inventory. Additionally, Laurel is in the process of building an additional 50 shelter locations consisting of 100 new shelter ad panels.
The acquisition is another bold step for Vector who, in just two years, has added 35 transit markets to its portfolio (now 55 markets in total) and has nearly doubled in size to become one of the largest out-of-home media companies in the United States.
Laurel was founded in 2000 and has grown consistently and significantly within the New Orleans market over the past 19 years. Laurel founder, Dana Pecoraro, will continue to play an important role in the combined company’s efforts.
“Both Laurel and the City of New Orleans are a perfect fit for the Vector platform due to its cultural significance, booming tourism business and diverse population,” said Marc Borzykowski, Chief Executive Officer of Vector Media. “Having graduated from Tulane University, I have a special appreciation for New Orleans and its residents, and it’s a wonderful feeling to come back professionally to a city that I once called home. Even more importantly, Dana is a true force, a wonderful leader and she has done an incredible job growing Laurel to where it is today. We are confident that Vector’s innovative approach to transit advertising, combined with Dana’s market experience and reputation for excellence, will be a perfect marriage, and I’m excited to see this program continue to blossom in the coming years.”
Laurel’s CEO, Dana Pecoraro, adds: “In Vector Media, we found an out of home company that mirrored our drive for excellence and our desire to be the best possible provider for our municipal partners. Vector’s management team is an excellent complement to our efforts to serve the New Orleans metro area.”
About Vector Media
Founded in 1998, Vector Media (www.vectormedia.com) specializes in large-format transit advertising, traditional Out-of-Home media and the creation of interactive brand experiences. The company’s current inventory of over 30,000 Out-of-Home faces includes bulletins, street furniture and over 20,000 transit advertising faces, including double decker buses, municipal transit, airport shuttles, custom route coach vehicles and trolleys. Vector Media maintains inventory in 27 of the top 35 DMAs including the only coast-to-coast double-decker advertising network in North America, which is comprised of inventory in New York, Chicago, Los Angeles, Las Vegas, Philadelphia, San Francisco, Boston, Washington, DC, Houston, Miami, San Diego, San Antonio, Austin and Dallas. Vector’s rapidly growing experiential division integrates the company’s Out-of-Home assets and other capabilities through the creation of dynamic brand experiences.
About Spire Capital Partners
Spire Capital (https://spirecapital.com/) is an active and experienced private equity firm with an investment focus in small market companies within the technology-enabled business services, media, communications and education sectors. Spire Capital was founded on the principle of partnering with management teams and founders to help effectuate the next stage of growth for their companies. Spire professionals have a broad array of past operating, investing and advisory experiences they leverage to help portfolio companies accelerate growth, guide strategic direction and execute their business plan. Spire Capital is a New York-based investment advisor registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940.