Lamar Advertising (LAMR) Acquires Premier Outdoor Media

Premier Outdoor Media ("Premier" or the "Company"), a leading independent operator of out-of-home advertising ("OOH") assets throughout the Northeast Corridor, announced today that it has divested its OOH assets to Lamar Advertising Company (NASDAQ: LAMR) ("Lamar"). Financial terms of the transaction were not disclosed.

Premier was founded in 2018 through Caruth Capital Partners, LLC's ("Caruth") acquisition of Jersey Premier Outdoor Media, LLC, in partnership with industry executives Dominick Vastino and Sean Corbett. Under Vastino and Corbett's leadership, Premier successfully executed an aggressive growth strategy, increasing the Company's digital display count by more than 500% and establishing Premier as the largest independent digital OOH network in the Philadelphia DMA.

The all-cash acquisition adds nearly 200 billboard faces, including 45 digital units, across key markets in New Jersey, Delaware, Maryland, Pennsylvania and New York to Lamar's portfolio.

"We couldn't be more pleased with what Dominick and the Premier team have accomplished," said Tim Wegener, Managing Partner at Caruth Capital Partners. "They executed a focused growth strategy, built high-quality assets, and delivered outstanding results. It's been a privilege to partner with them on this journey."

"We are proud of the platform we've built and the value we've created over the past several years," said Dominick Vastino, CEO of Premier Outdoor Media. "Lamar is a first-rate operator and we're confident they will continue to deliver exceptional service to our clients."

"This acquisition enhances our position in the greater Philadelphia and New York markets, including southern New Jersey, and is consistent with our strategy of adding high-quality, REIT-qualified assets to our portfolio," said Sean Reilly, CEO of Lamar.

Moorgate Securities LLC served as exclusive financial advisor to Premier and Munsch Hardt Kopf & Harr, P.C. served as legal advisor to Premier and Caruth in connection with the transaction. Kean Miller LLP served as legal advisor to Lamar.

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