| Wenham,
MA, June, 2008 –
Fusion Media Group (FMG),
an Out-of-Home media company, today announced it has
established and will hold a majority interest in its new
operating affiliate, Detroit Outdoor Media Holdings, LLC
(DO). DO was created to acquire the assets of Detroit
Outdoor, LLC and Perrysburg Properties, LLC of
Perrysburg, OH. Brock Rimmelin, a co-founder of the
acquired companies, will hold a substantial equity
interest in DO and will continue to direct its
day-to-day operations in his continuing role as
President. DO will own and operate billboard properties
in the corridor between Detroit, MI and Toledo, OH.
“We are excited to have
completed this transaction on a great portfolio of
bulletin locations” said Edward J. Lastes, FMG’s Chief
Executive Officer. “DO is the only remaining independent
operator of any scale in this marketplace. Brock
Rimmelin’s local knowledge and experience have enabled
him to compete effectively with the industry’s largest
operators. We expect that he will be able to continue to
drive growth through execution of new development and
upgrade opportunities within the existing portfolio.”
“The successful closing
of this transaction addressed several key issues that
make our approach attractive to independent operators"
said Lastes. “Ownership was at a crossroads when we were
introduced to the opportunity. The unfortunate death of
one of the co-founders created a liquidity need to
address estate issues, yet Brock did not want to sell
the business at the present time. Additionally, a poorly
constructed capital structure inhibited the ability to
grow further. Our investment in the creation of DO
provided the capital necessary to satisfy all ownership
objectives and a refinance of the existing senior debt
puts the company in a strong position for future
growth.”
“I am extremely pleased
to be working with the great team at FMG” said Brock
Rimmelin, DO’s President. I didn’t want to sell. I felt
I had more opportunities to build our company and create
value, but I didn’t have access to the capital necessary
to address the needs of my former partner’s estate.
After searching for some time, FMG’s transaction
structure was the only one that enabled me to accomplish
my goals.”
About
Fusion Media Group
Fusion Media Group (FMG) was formed to provide a new
alternative to Principals of select outdoor advertising
companies. Based on our experience gained from over
60 successful acquisitions in the billboard business
and over 30 years combined experience financing and
operating media companies, we know that the local entrepreneurs
responsible for building successful independent outdoor
operators can run those assets more efficiently than
anyone else. FMG affiliates with local, entrepreneurial
management teams to ensure the long-term success of
independent operators, while providing liquidity to
the Principals or other shareholders. Through our holding
company structure, FMG brings the benefits and equity
valuations of a much larger operation to independent
operators, while sustaining the entrepreneurial culture
which has created their success. The Wenham, Massachusetts-based
company was founded in 2006. For more information, visit
www.fusionmediagroup.com.
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