Waitt Chooses Link for $82 Million
Link Media Outdoor picks up another 1600+ billboard structures accounting for over 2500+ advertising faces from Waitt Outdoor. Waitt is a Midwest Omaha based OOH company founded in 1999 with billboards in Illinois, Iowa, Kansas, Missouri and Nebraska.
Jim McLaughlin, President and CEO of Link stated, “The Waitt Outdoor acquisition dramatically expands our Midwestern footprint, roughly doubling our advertising face count.” “In addition, we believe the quality of the inventory and the employees make this transaction very desirable and we are thrilled to add these talented performers to the Link team. Mike Delich, who is retiring from his CEO role to enjoy his family and other outside interests, has been a real pleasure to work with and the new friendship that we have developed with him over the past couple of months is a genuine benefit.”
This is the third acquisition for Link in a month. McLauglin said “the acquisition demonstrates our responsiveness to seller desires and how nimble our management and legal teams are in completing all the necessary work that needs to get done. We believe these are just a few of the important reasons why sellers have chosen to do business with Link as we continue our journey to seek to become one of the nation’s leading outdoor advertising companies.”
The purchase price for the acquisition was $82,000,000 in cash. A portion of the purchase price will be retained by Link for a period of up to 12 months as a partial source of recourse for any indemnification claims by Link. The purchase price is also subject to certain prorations of revenues and expenses to be determined within 90 days following the closing. Waitt Outdoor and Mike Delich have also agreed to not compete with the business for a period of five years.
Adam Peterson, Co-President and Co-CEO of Boston Omaha Corporation, the investment group which owns Link, says “Waitt Outdoor is a high-quality collection of mostly static billboard assets that have been superbly managed over the last two decades. Accordingly, we paid a full price that is commensurate with the quality nature of these long duration assets,” said . “We are excited to watch the team at Link build and extract value from our increasingly dense Midwest footprint.”
About Link Media Outdoor
Link Media Outdoor is engaged in the outdoor advertising business with over 2,900 billboard structures and 5,400 advertising faces located in Alabama, Florida, Georgia, Illinois, Iowa, Kansas, Missouri, Nebraska, Virginia, West Virginia, and Wisconsin.