Transit and Street Furniture companies Signal Outdoor Advertising, LLC and InSite Martin Street Ads, LLC have agreed to combine forces in an equity merger. The transaction we believe was effective at the end of September.
The combined entity will offer coast to coast transit shelter, transit bench and bus advertising coverage in partnership with municipalities and transit authorities in major metropolitan markets including New York, Los Angeles, Atlanta, Miami – Ft. Lauderdale, Tampa – St. Petersburg & suburban Washington DC.
Randy Smith, CEO of the newly combined enterprise told us “The combination of our two companies will enable us to better serve our municipal partners in providing first rate amenities to their transit riders.”
The operation will include an experienced executive team led by President & COO, Ray Moyers, who said “The Signal-InSite philosophies are very much aligned. Local business is crucial to our success. We are dedicated to providing the highest quality services to all businesses, large or small. And, we can better serve our national clients with the addition of Los Angeles, another top 10 market, coupled with the expansion of our Miami-Ft Lauderdale presence. We are delighted to join forces with the InSite-Martin team to continue building the best transit operation in the country.”
The merger was sponsored by Atlanta-based private equity firm, MSouth Equity Partners. Barry Boniface of MSouth was quoted as saying “The combination of Signal and InSite creates a national transit-based advertising platform and solidifies the combined company’s position in highly attractive tier-1 markets. We are excited to partner with the newly combined executive team.”
Signal was represented by lead counsel Eversheds Sutherland, LLP. InSite was represented by lead counsel Skadden, Arps, Slate, Meagher, & Flom, LLP, and Ernst & Young Capital Advisors, LLC (EYCA) acted as the exclusive financial advisor to InSite in connection with the transaction.