Ashby Street Outdoor Holdings LLC, an 8-year-old billboard advertising company based in Fayetteville, has been acquired by Lamar Advertising Co. of Baton Rouge for an undisclosed price.
Ashby Street operates 1,908 billboards in Arkansas, Kansas, Oklahoma and Missouri, according to a news release announcing its sale Monday.
Lamar, with more than 348,000 billboards in the United States and Canada, is one of the largest outdoor advertising display companies in the world.
Ashby Street was formed in 2011 by Jim Matalone, the company's chief executive officer, in 2011 to acquire billboards in the Fayetteville area. It expanded through the development of new billboards and conversions to digital displays. In 2016, it acquired 1,326 billboards in Fort Smith and Wichita, Kan.
Ashby Street operates 91 LED video displays with fully automated content management and scheduling, according to the release.
Ashby Street was majority owned by Tinicum Capital Partners II, L.P. and affiliated investment partnerships managed by Tinicum Incorporated, a New York investment firm.
Moelis & Company, a New York investment bank, served as financial advisor to Ashby Street. Financial terms of the transaction were not disclosed.
Business on 07/16/2019