Lamar Advertising forms SPAC
Raise $300 million to find a Partner
by Brent Baer, Publisher, OOH Today
Our Monday OOH …Here’s One Thing, feature writer, Jim Johnsen, discussed SPAC’s and Out of Home, in a recent column dated February 15, 2021⇒ Ring My Bell. As typical, Johnsen’s vision is way ahead of the rest of us when it comes to anything OOH financing. Simple to say, he knows his business which is OOH merger and acquisitions advisory and debt and equity corporate finance.
Fast forward to April 6th, as Lamar Advertising is forming, yep Johnsen called it, a SPAC. If you want to know what a SPAC is, read Johnsen’s story listed above Ring My Bell. We’ll wait.
Seeking Alpha reported yesterday, Lamar Advertising is forming a SPAC called Lamar Partnering Corporation. The special purpose acquisition company, filed to raise $300 million in IPO with plans to find a partner “at the intersection of OOH, technology and communications.”
Quoting Johnsen from his post, “SPAC’s are essentially smart, fast talking guys with hunting licenses and lots of ammo and little time. When they find the right target, they lock on.”
Having personally hunted with the Reilly’s in years’ past, I can attest they are excellent huntsman and will no doubt sack a prize trophy(s). It will be interesting to see who or what Lamar Partnering Corporation will ‘lock on’ to in the coming year.
We asked Johnsen what he thought of the announcement? “Great move. Utilize Lamar’s strengths and talents to develop new avenues for growth in advertising and technology, yet at the same time not messing up Lamar’s current REIT structure. I think it’s brilliant.
According to Seeking Alpha, Lamar would own nearly 20% of the shares with members of Lamar’s management team, including Ross Reilly, Kevin Reilly’s ( Executive Chairman of the Board) son and Sean Reilly’s (President, Chief Executive Officer) nephew, currently Lamar’s Vice President of Mergers and Acquisitions and Business Analytics, will serve as LPC’s Chief Executive Officer.
More on the Reilly’s net worth, biography, salaries and insider trades check out ⇒wallmine