ACON Investments and MidOcean Partners Announce the Sale of Fairway Media Group to GTCR and Adams

GREENVILLE, S.C., Jan. 20, 2015 /PRNewswire/ -- ACON Investments ("ACON") and MidOcean Partners ("MidOcean") are pleased to announce they have completed the sale of their portfolio company, Fairway Media Group LLC ("Fairway"), to investment funds affiliated with GTCR. GTCR has partnered with Adams Outdoor Advertising ("Adams") in this transaction. Terms of the transaction were not disclosed.

Fairway, based in Greenville, South Carolina, is one of the largest outdoor advertising companies in the United States with approximately 20,000 bulletin, poster and digital displays reaching audiences in 20 states with a primary focus in the Southeast, Southwest and Midwest regions. Fairway was acquired by affiliates of ACON in October 2009 and merged with Olympus Media Group, a portfolio company of MidOcean, in June 2012.

"We congratulate the Fairway team led by Mark Moyer on the successful sale of the company to GTCR," said Ken Brotman, Founding Partner of ACON. "We are proud of the progress we made at Fairway during our investment, building Fairway into an innovator in the outdoor advertising sector, and believe this new partnership with GTCR represents an exciting next chapter for the company's growth."

"MidOcean and ACON bring an array of strategic and operating resources to our portfolio companies to support our management teams. Through our collaboration with the Fairway team and our partners at ACON, we increased profitability at Fairway and implemented a number of new strategic initiatives that position the company for future growth. Together we have built Fairway into a leader and a great platform in the outdoor advertising industry," said Barrett Gilmer, Managing Director of MidOcean.

During ACON and MidOcean's ownership period, Fairway achieved significant growth through organic initiatives including digital conversions and a variety of revenue-driving operational improvements. Fairway also pursued a number of strategic transactions—both acquisitions and asset swaps—and invested in a variety of cost-saving new technologies.

Moelis & Company LLC served as financial advisor to Fairway, and Hogan Lovells LLP served as its legal advisor. Deutsche Bank Securities Inc. and Kirkland & Ellis LLP advised GTCR.

About ACON Investments:
ACON Investments, L.L.C. is a Washington, DC-based international private equity investment firm that manages private equity funds and special purpose partnerships that make investments in the United States and Latin America. Founded in 1996, ACON and its principals have managed over $3.5 billion of capital. ACON has professionals in Washington, DC, Los Angeles, Mexico City, Sao Paulo and Bogota. For more information, visit www.aconinvestments.com.

About MidOcean Partners:
MidOcean Partners is a premier private equity firm with offices in New York focused on the middle market. MidOcean is committed to investing in high-quality companies with stable market positions and multiple opportunities for growth in the consumer and business services sectors. MidOcean utilizes a broad foundation of expertise in its focus industries to create value for its investors and partners. For more information, visit www.midoceanpartners.com.

About GTCR:
Founded in 1980, GTCR is a leading private equity firm focused on investing in growth companies in the Financial Services & Technology, Healthcare and Information Services & Technology industries. The Chicago-based firm pioneered The Leaders Strategy™ – finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through transformational acquisitions and organic growth. Since its inception, GTCR has invested more than $10 billion in over 200 companies. For more information, please visit www.gtcr.com.

About Adams Outdoor Advertising
Founded by Steve Adams in 1983, Adams Outdoor Advertising is an industry leader with a dramatic track record of annual revenue growth. Still privately held, Adams has grown strategically during its 31-year history, now operating in eight states in the Midwest, Mid-Atlantic and Southeast regions of the country. Adams was one of the first outdoor operators to capitalize on the use of digital technology, today operating approximately 160 digital displays nationwide. The company prides itself on its strong marketing organization and experienced management team. For more information, please visit www.adamsoutdoor.com.

Contacts:

ACON Investments:
Ken Brotman – Founding Partner, (202) 454-1111
Midhat Pawlak – Director of Investor Relations, (202) 454-1100

MidOcean Partners:
Chris Tofalli PR – Chris Tofalli, (914) 834-4334

SOURCE ACON Investments, L.L.C.