Two outdoor advertising companies have completed 2021’s largest sale of outdoor advertising assets in the American South.
Georgia-based Horton Outdoor announced this week the sale of its outdoor advertising assets to Trailhead Media, an out-of-home advertising company based in Mississippi and backed by private equity firm Viking Global.
Horton Media CEO Josh McWhorter told us “There were a lot of factors that made the decision to exit now tough. At the end of the day, it was just the right time. What started as a tribute to the late Eric Horton grew into the most memorable investment MCP has ever made. I hope he’s looking down very proud. The success of Horton is directly related to our team – Deanna, Hunter, Kelly, Kristy, Charlie, Wayne, Rachel & Chase”.
The deal includes 146 structures, and 324 faces, with 47 of those being digital displays. Horton’s assets were heavily concentrated in Georgia communities north of Atlanta with additional locations throughout Alabama and Florida. Drachman M&A Co. represented Horton Outdoor in the transaction. Terms of the deal were not disclosed.
Trailhead Media CEO, Robert MacMillan said “We are bullish on the growth of southern markets, and this transaction shows we are doubling down on acquiring assets that enhance and expand our footprint”.
Horton Outdoor had grown rapidly in the last five years, pursuing an aggressive acquisition strategy. Horton Outdoor was a portfolio company of McWhorter Capital Partners, a private equity firm in Cartersville.
Drachman M&A Co. CEO, Max Drachman, said “Josh McWhorter and McWhorter Capital executed a textbook private equity growth strategy. They acquired a beachhead in the southeast and spent the next several years enhancing value through 31 smart, accretive acquisitions. Horton also had an aggressive organic development program for high-end assets, hired and retained great people, and then recognized the right time to exit in a strong market.”
Cahill Gordon & Reindel LLP served as legal counsel to Horton Outdoor. Jennifer Sloane and Horne Capital advised Trailhead Media.