Blackstone Announces Majority Investment in New Tradition

Adrian J Cotterill, Editor-in-Chief

Back in May Bloomberg reported that a Blackstone Media investment fund was to acquire a majority stake in New Tradition, likely valuing the business between USD 500-750 million.

Today Blackstone (NYSE:BX) announced that funds managed by ‘Blackstone Tactical Opportunities’ has finally acquired a majority stake in New Tradition Media.

John Watson, Managing Director, and Kern Vohra, Senior Associate, at Blackstone, said “Technological advancements in digital signage are transforming the way consumers engage with the physical advertising industry. Evan, Bret, Vince and Lu are respected leaders in this evolving market and have created iconic advertising activations across the country on behalf of their customers. We’re excited to leverage Blackstone’s scale, resources and relationships to support New Tradition’s continued expansion and innovation.”

Founded in 2010, New Tradition develops, owns and operates premium digital and static signage for leading national brands and advertising agencies. It manages some of the most iconic, large-format, spectacular out-of-home advertising assets nationwide, including One Times Square in New York City and The Reef in Los Angeles.

Evan Richheimer, Co-Founder and CEO of New Tradition said: “We’re thrilled to partner with Blackstone, whose track record of scaling founder-led businesses and significant real estate expertise, will enable New Tradition to accelerate the expansion of our footprint and continue to provide cutting edge out-of-home advertising solutions to new and existing clients.”

Terms of the transaction were not disclosed. Moelis & Company LLC served as a financial advisor to Blackstone, and Weil, Gotshal & Manges LLP served as a legal advisor to Blackstone. Solomon Partners served as a financial advisor to New Tradition, and Lowenstein Sandler LLP served as a legal advisor to New Tradition.

It is believed that the New Tradition CEO Evan Richheimer and COO Brett Richheimer will continue to run the business.


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