ACON Investments and MidOcean Partners Announce Merger of Fairway Outdoor Advertising and Olympus Media
Creates 4th Largest Traditional Outdoor Advertising Company in U.S.
WASHINGTON and NEW YORK, June 20, 2012 /PRNewswire/ -- ACON Investments and MidOcean Partners announced today that they have merged their respective portfolio companies, Fairway Outdoor Advertising LLC and Olympus Media LLC, to form Fairway Media Group LLC ("Fairway Media"). The combined company has more than 21,300 bulletin and poster displays in 17 states across the Southeast and Midwest and is now the fourth largest traditional outdoor advertising company in the U.S. The company will be headquartered in Greenville, South Carolina in the current headquarters of Fairway. Mark Moyer, the current Chief Executive Officer of Fairway Outdoor, will be the Chief Executive Officer of Fairway Media.
"We believe this transaction will drive tremendous growth and value," said Ken Brotman a Founding Partner of ACON. "The combined company will have the increased scale and market presence to continue growing and investing in new technologies, but more importantly, to continue providing customers with a cost-effective advertising medium for them to bolster and improve their bottom line as the economy continues to recover."
Tyler Zachem, Managing Director at MidOcean said, "We are excited about merging Olympus with Fairway Outdoor to create a truly unique asset within the outdoor advertising industry. We believe there are numerous opportunities to continue to grow Fairway Media both organically and through acquisition, in both existing and new markets."
Mark Moyer, Fairway Media's Chief Executive Officer added, "Fairway Outdoor is excited about combining with Olympus to more fully exploit the growth opportunities available in the outdoor advertising industry including digital technology, new measurement systems, tuck-in acquisitions and other future growth opportunities. Building on the success that both Fairway Outdoor and Olympus have achieved to date, we believe this combination represents an excellent opportunity for the employees, customers, shareholders, local communities and other key stakeholders in Fairway Media."
Hogan Lovells LLP served as legal advisor to ACON. Kirkland & Ellis LLP served as legal advisor to MidOcean.
About ACON Investments:
ACON Investments is a Washington D.C.-based private equity investment firm that manages private equity funds and special purpose partnerships in the United States and Latin America. Founded in 1996, ACON and its principals have managed over $2 billion of capital. ACON pursues a theme-based investment strategy by focusing on industries and businesses at key inflection points in their development and pursues these opportunities in close partnership with established management teams. ACON has offices in Washington, Los Angeles, Madrid, Mexico City and Sao Paulo. For more information visit www.aconinvestments.com
About MidOcean Partners:
MidOcean Partners is a premier private equity firm headquartered in New York focused on the middle market. MidOcean is committed to investing in high quality companies with stable market positions and multiple opportunities for growth. Targeted sectors include consumer, media and communications, business and financial services and industrial services. MidOcean utilizes a broad foundation of expertise in its focus industries to create value for its investors and partners. For more information, visit www.midoceanpartners.com.
ACON Investments: Ken Brotman or Daniel Prawda, (202) 454-1111
Chris Tofalli PR: Chris Tofalli, (914) 834-4334
MidOcean Partners: Tyler Zachem or Barrett Gilmer, (212) 497-1400
Fairway Media Group:
Mark Moyer, CEO: (864) 485-1899
SOURCE ACON InvestmentsBack to top