Premier Outdoor Media, an independent operator of out-of-home (OOH) advertising assets across the Northeast Corridor, has announced the sale of its OOH assets to Lamar Advertising Company (NASDAQ: LAMR). This acquisition adds nearly 200 billboard faces to Lamar’s portfolio, including 45 digital units in strategic markets across New Jersey, Delaware, Maryland, Pennsylvania, and New York.
- Company Overview:
Premier was founded in 2018 by Caruth Capital Partners through the acquisition of Jersey Premier Outdoor Media, LLC. The company was led by industry executives Dominick Vastino and Sean Corbett. - Growth Strategy:
Under the leadership of Vastino and Corbett, Premier expanded rapidly, growing its digital display count by over 500%, positioning itself as the largest independent digital OOH network in the Philadelphia DMA. - Acquisition Details:
The deal, which is all-cash, includes nearly 200 billboard faces, with 45 digital units added to Lamar’s portfolio in key Northeast markets. - Statements from Key Leaders:
Tim Wegener, Managing Partner at Caruth Capital Partners, praised Premier’s growth strategy and the high-quality assets developed. He expressed pleasure in partnering with the Premier team.
Dominick Vastino, CEO of Premier Outdoor Media, expressed pride in the platform built and the value created, while emphasizing confidence in Lamar’s ability to continue serving their clients well.
Lamar’s CEO, Sean Reilly, highlighted the strategic value of the acquisition, specifically in the greater Philadelphia and New York markets, including southern New Jersey. - Advisors:
Moorgate Securities LLC acted as the exclusive financial advisor to Premier, while Munsch Hardt Kopf & Harr, P.C. served as legal counsel to Premier and Caruth. Kean Miller LLP advised Lamar on the deal.
The divestiture of Premier Outdoor Media’s OOH assets to Lamar Advertising marks a significant development in the out-of-home advertising industry. The acquisition strengthens Lamar’s position in critical markets, bolstering its portfolio with valuable digital assets.
