September 20, 2021
Searchlight Capital Partners, L.P. (Searchlight), a leading global private investment firm, in partnership with British Columbia Investment Management Corporation (BCI), one of the largest asset managers in Canada, has announced the signing of a definitive agreement for a strategic investment into Adams Outdoor Advertising (Adams). Terms of the transaction were not disclosed.
Adams, founded in 1983 by Steve Adams, is the fourth largest, and largest privately-held, out of home media operator in the United States. The family-owned business has been instrumental in promoting the power of outdoor advertising by providing clients with bespoke media solutions to target audiences at the local level. Adams operates in a number of strategically relevant local markets across the states of Illinois, Michigan, North and South Carolina, Pennsylvania, Virginia, and Wisconsin.
Latham & Watkins LLP represents Searchlight in the transaction with a corporate deal team led by New York partner David Beller, Houston partner Ravi Purohit, and New York counsel Edmond Parhami, with associates William Tevlin and Karen Song. Advice was also provided on tax matters by New York partner Matthew Dewitz, with associate Eric Kamerman; on real estate matters by Chicago partner Robert Buday and Chicago counsel Jeffrey Anderson, with associate Michael Nieberg; on benefits and compensation matters by Washington, D.C. partner Adam Kestenbaum, with associate Ashlie Lawton; on investment funds matters by New York partners Andrea Schwartzman and Gregory Hannibal, with associates Oliver Prakash-Jenkins, John Welling, and Andrew Borruso; on environmental matters by New York counsel David Langer, with associate Benjamin Einhouse; on intellectual property matters by Bay Area partner Anthony Klein and Bay Area counsel Arielle Singh, with associate Andrew Huang; on data privacy matters by Bay Area counsel Robert Blamires, with associate Adriana Beach; on securitization finance matters by New York partners Kevin Fingeret and Graeme Smyth, with associate Sam Kwak; on antitrust matters by Washington, D.C. partner Ian Conner and Washington, D.C. counsels Peter Todaro and Patrick English; and on insurance matters by Los Angeles partner Drew Levin, with associate Harrison White.