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Lamar Advertising Company Acquires Five New Markets & Announces 2019 Distribution Plan

December 21, 2018 / GlobeNewswire

Lamar Advertising Company (Nasdaq: LAMR), a leading owner of outdoor advertising and logo sign displays, today announced that it has acquired Fairway Outdoor Advertising's billboard operations in five U.S. markets from GTCR, LLC for a purchase price of $418.5 million. "We are excited to add these high-quality, REIT-eligible assets in attractive markets to our portfolio," said Lamar chief executive Sean Reilly. "This accretive acquisition, in addition to our anticipated over 5% organic sales growth in Q4, gives us tremendous momentum as we enter 2019." The all-cash acquisition adds more than 8,500 billboard faces, including more than 135 digital displays, in North Carolina, South Carolina, Georgia, and Wisconsin. Lamar anticipates that the acquisition will contribute approximately $70.0 million in revenue in 2019.  The purchase price represents an acquisition multiple of approximately 12x Fairway's trailing EBITDA, and Lamar anticipates that it will real...