NextMedia is majority owned and advised by funds Strategic Value Partners LLC and Angelo, Gordon & Co.. These companies have been actively involved in NextMedia since 2010. Initially, as the largest creditors to the company, the firms helped lead the restructuring of the business.
Subsequently, they gained equity ownership of the company when it emerged from Chapter 11. Appointing and working closely with management, SVP and Angelo Gordon improved the existing operations, and expanded the outdoor advertising platform through acquisitions and a highly successful program to roll out digital billboards. This work greatly enhanced the value of NextMedia Outdoor and led to its ultimate sale.
The sale has eliminated NextMedia’s debt and will add to the company’s cash balance.
“We are delighted with the sale of NextMedia Outdoor to Lamar Advertising Company,” says Jim Donahoe, CEO of NextMedia. “With the valuable assistance of SVP and Angelo Gordon, we grew our outdoor advertising operations and created a highly attractive business. This transaction allows us to focus solely on our radio operations.”
Victor Khosla, founder and chief investment officer of SVP, says, “We are pleased to have been able to partner with management to achieve the turnaround of and the growth in operations and performance of NextMedia Outdoor, and we look forward to continuing to help the team drive the value of NextMedia’s radio operations.”
SVP is a distressed and deep value investment firm with approximately $4 billion in assets under management. It was founded in 2001 by Victor Khosla and has its main offices in Greenwich, Connecticut; London; Frankfurt; and Tokyo. SVP’s focus is on distressed, deep-value opportunities in middle-market companies where it can typically exert significant influence or, in some circumstances, obtain outright control.
Angelo Gordon is a privately held limited partnership founded in 1988, and currently manages approximately $24 billion. The Firm’s investment focus centers around three core competencies – credit, real estate and private equity. Angelo Gordon is headquartered in New York, with associated offices in Chicago, Los Angeles, Washington, D.C., London, Amsterdam, Hong Kong, Seoul, Shanghai, Tokyo and Sydney.