Primesight Ltd., a UK outdoor advertising company owned by GMT Communications Partners, has acquired the roadside assets of Titan Outdoor Asdvertising Ltd. No financial terms were disclosed for the deal, which includes 8,600 panels, consisting of 7,900 48-sheet panels and 700 96-sheet panels.
GMT Communications Partners LLP (“GMT”), the leading European independent private equity group focused exclusively on the communications sector, has acquired the roadside assets of Titan Outdoor Advertising Limited (the “Roadside Assets” and “Titan” respectively) through its portfolio company Primesight Limited (“Primesight”). Titan’s Roadside Assets comprise 8,600 panels, consisting of 7,900 48-sheet panels and 700 96-sheet panels. The value of the transaction has not been disclosed.
Primesight is well established as the leading independent operator in the UK outdoor advertising market. Acquiring Titan’s Roadside Assets will effectively double the size of the Company and enhance the Company’s strong position in the Roadside sector, by providing advertisers with a significantly broader outdoor offering. The enlarged Group will benefit from Primesight’s current market-leading, premium, backlight billboard portfolio and Titan’s complementary national and regional billboards business.
Primesight owns and markets a portfolio of outdoor advertising products including advertising display panels on major roads, and display panels at leisure and retail outlets throughout the UK. The Company’s current portfolio consists of approximately 13,000 smaller six-sheet outdoor advertising panels and a further 140 large format “backlight” panels including a wide range of 48-sheets, 96-sheets and 350 portrait locations across the UK.
Hawkpoint advised GMT on the transaction; Weil, Gotshal & Manges provided legal advice to GMT.
Tim Green of GMT commented: “We are delighted with the performance of Primesight and the progress it continues to make under an excellent management team led by Naren Patel. GMT is the only European private equity group solely focused on the Communications sector and, as such, we bring a wealth of expertise that we will continue to contribute to help Primesight achieve its full potential. This is an exciting opportunity for the business and we look forward to helping management realise the full benefits of scale that this acquisition will bring.”
Naren Patel of Primesight commented: “Titan’s Roadside Assets will be invaluable to us in our drive to increase our market share. We look forward to the implementation of Primesight’s business model and the resultant reinvigoration of this new estate. We are great believers in the power of large format Roadside Billboards. This acquisition clearly demonstrates Primesight’s strength, and our ability to seize opportunities to invest in the business.”
About GMT Communications Partners (www.gmtpartners.com)
GMT Communications Partners (www.gmtpartners.com) is a European independent private equity group focused exclusively on the communications sector, having actively invested in the European marketplace for the past 16 years. GMT is focused on providing buyout and expansion capital for high growth companies. As industry practitioners, GMT focuses heavily on developing new strategic directions for established businesses that are able to benefit from new communication technologies. Since its foundation in 1993, GMT has invested in 28 companies and completed over 100 transactions across 18 countries, exclusively in European media/communications.
About Primesight (www.primesight.co.uk)
Primesight is UK’s fastest growing outdoor advertising company, owning and marketing a portfolio of outdoor advertising products, including advertising display panels on major roads and display panels at leisure and retail outlets throughout the UK. Primesight’s portfolio consists of approximately 13,000 smaller “six sheet” outdoor advertising panels across the UK and a further 140 large format “backlight” panels principally in the London area. Primesight has illuminated displays in 421 different districts and 733 towns and it is estimated that 80% of the UK population see a Primesight “six sheet” advertising panel every fortnight. Primesight’s backlights offer large high impact advertising in high traffic locations such as the Elephant & Castle in London.