Searchlight Capital Partners LP, a global private investment firm, in partnership with British Columbia Investment Management Corp., an asset manager in Canada, has signed a definitive agreement for a strategic investment into Adams Outdoor Advertising. Adams is a home media operator in the United States.
“Out of home plays an important role in the infrastructure of the advertising ecosystem, particularly given the unique and differentiated capabilities that the medium offers for local businesses, governments and economies,” said Darren Glatt, partner at Searchlight. “As one of the leading investors in the media and technology sectors, Searchlight has been at the forefront of the ongoing evolution of the broader advertising ecosystem. We believe Adams is strongly positioned to continue to capture opportunities presented by the digital transformation of its estate. We look forward to working with Kevin Gleason and his team to further drive Adams’ growth through (i) expanding its footprint, (ii) developing new digital sites, (iii) capitalizing on emerging opportunities around programmatic and technology innovation and (iv) executing on strategic M&A.”
Dave Hong, senior managing director, private equity at BCI, added, “We are excited to work with Kevin Gleason, his management team and Searchlight to support the company’s growth. Our investment in Adams aligns with BCI’s long-term investment approach of investing in stable industries that provide compelling risk-adjusted returns for our pension plan and insurance fund clients.”
Kevin Gleason, CEO of Adams, added, “We are delighted to partner with Searchlight and BCI to support Adams’ continued growth and to accelerate the development of our capabilities across various forms of emerging technology. We have always believed that outdoor advertising is more powerful than anyone has yet to imagine and believe that Searchlight’s demonstrated track record in the out of home and media sectors positions us to unlock that power and value for our clients and investors. We are thankful for the support of Searchlight and BCI and are confident that this marks the start of an exciting next chapter for our business, employees and local partners.”
Searchlight was advised by Barclays and Latham & Watkins. Weil, Gotshal & Manges served as separate legal counsel to BCI. Adams Outdoor Advertising was advised by PJ Solomon and Kaplan, Strangis & Kaplan.