Hartford, Connecticut based Independent Outdoor Network has completed its first major U.S. acquisition via an asset swap.
Independent Outdoor Network’s acquisition consists of several hundred bulletin displays throughout Wisconsin, South Carolina, Tennessee, Georgia, Illinois, and Missouri.
In exchange, Independent Outdoor Network swapped Boston designated market area (DMA) assets, consisting primarily of digital bulletins. We understand that this transaction gives Independent Outdoor Network 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 and others.
David Gannon, CEO of ION, was quoted as saying “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 Independent Outdoor Network in the transaction.