HARTFORD, Connecticut, July 12, 2017 – Independent Outdoor Network (ION), a leading outdoor advertising company based outside Hartford, Connecticut, has completed its first major U.S. acquisition via an asset swap. ION’s acquisition consists of several hundred bulletin displays throughout Wisconsin, South Carolina, Tennessee, Georgia, Illinois, and Missouri. In exchange, ION swapped Boston designated market area (DMA) assets, consisting primarily of digital bulletins.
The transaction gives ION new footholds in DMAs like Milwaukee, Green Bay-Appleton, Madison, Greenville-Spartanburg-Asheville-Anderson, Columbia, South Carolina, Myrtle Beach-Florence, Chattanooga, St. Louis, and Springfield, Missouri, among others.
David Gannon, CEO of ION, had this to say about the transaction: “We are so excited about Independent’s expansion into these great markets. We have so much planned for new development and acquisitions to make our presence even bigger in these areas.”
Johnsen, Fretty & Co. initiated this transaction and acted as exclusive advisor to ION in the transaction. “We were quite fortunate to have JFC’s team working alongside us in this extremely rewarding, but complex deal,” remarked Mr. Gannon. “Honestly, I don’t think we could have completed this deal without them.”
About Independent Outdoor Network
ION (www.independentoutdoor.com) is a fast-growing regional billboard company that owns more than 1,000 static and digital displays, with distribution in Connecticut, Massachusetts, Wisconsin, South Carolina, Tennessee, Georgia, Illinois, and Missouri. Based in Wallingford, Connecticut and founded in 2008 by David Gannon, CEO, and his partners, ION’s mission has always been to provide clients with compelling signage to promote their brands, as well as the industry’s best customer service.
About Johnsen, Fretty & Co.
JFC (www.jfco.com) is the leading investment banking firm to the OOH advertising industry. For more than 25 years, JFC has advised OOH operators across North America on divestitures, acquisitions, raising financing, strategic partnerships, and valuation. JFC has completed more than 300 OOH transactions in that timespan.
The principals of JFC are registered representatives of, and securities are offered through, StillPoint Capital, Member FINRA/SPIC, Tampa, Florida. StillPoint Capital is not an affiliate of JFC.
David Gannon, [email protected]
Eric Lambert, [email protected]
Johnsen, Fretty & Co.:
Gabe Oliverio, [email protected]
Jim Johnsen, [email protected]
Steve Fretty, [email protected]
Source: Independent Outdoor Network
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