Redbus Group (better known probably for Redbus Outdoor) which describes itself as a ‘UK based acquisition vehicle that seeks to acquire businesses that require restructuring or re-financing and return them to profitability’ has purchased the assets (but not the former corporate shell) of Streetbroadcast.
Streetbroadcast of course went Tango Uniform in February 2009 being previously owned by Apax Partners, New Smith Capital Partners and Vincent Tchenguiz’s Consensus Group.
As a result of previous acquisitions, Redbus Group already owns Redbus Outdoor and amongst their holdings are; X-Sites the UK’s largest 6 sheet student advertising network and In-Store, the company that sells advertising on trolleys and baskets in Tesco, Sainsbury’s, Somerfield, Boots, B&Q, Homebase and Focus DIY.
Redbus Group’s Chief Executive, Dean Dorrell told us “The fact that a company as innovative as Streetbroadcast has gone into administration is perhaps another symptom of the current harsh economic environment.” – he might have mentioned that the Litelogic digital displays they bought didn’t work much of the time either which wouldn’t have helped.
However, Dean didn’t say that and he added “From a Redbus Group perspective, this acquisition is essentially a ‘bolt-on’ transaction to one of our subsidiaries. Streetbroadcast has many assets that fit into our existing outdoor advertising operations and we are therefore pleased we have been able to close this deal.”
We wonder whether Redbus here will continue with digital or just throw it away.