FAYETTEVILLE, Ark.--(BUSINESS WIRE)--Ashby Street Outdoor Holdings, LLC (“Ashby Street”)—a leading operator of 1,908 outdoor advertising displays in Arkansas, Kansas, Oklahoma, and Missouri—today announced that it has been acquired by Lamar Advertising Company (Nasdaq: LAMR) of Baton Rouge, LA.
Ashby Street was formed in 2011 by CEO Jim Matalone to acquire billboard assets in the Fayetteville, AR metropolitan area and expanded through the development of new structures and digital conversions, as well as the 2016 acquisition of 1,326 billboard faces in Fort Smith, AR and Wichita, KS and several smaller acquisitions. An innovator in digital media, Ashby Street operates 91 LED displays with fully automated content management and scheduling.
Ashby Street was majority-owned by Tinicum Capital Partners II, L.P. and affiliated investment partnerships managed by Tinicum Incorporated (“Tinicum”).
“It has been the highlight of my career to work alongside our staff over the last eight years building Ashby Street. I’m sure they will make a great addition to the Lamar Advertising team,” said Ashby Street CEO Jim Matalone.
“We have been delighted to partner with Jim Matalone and the Ashby Street team over the past eight years in developing one of the highest quality outdoor advertising plants in the country,” said Tinicum Partner Trip Zedlitz. “We wish the team continued success as part of Lamar Advertising.”
Moelis & Company served as financial advisor to Ashby Street. Financial terms of the transaction were not disclosed.