B Media Group Completes Acquisition of Showtime Outdoor Media and Financing with Crestline Specialty Lending
December 23, 2015
NEW YORK, NY. – December 23, 2015 – Seaport Capital Partners (“Seaport”) announced today that B Media Group (the “Company”), a Seaport portfolio company, has completed the acquisition of Showtime Outdoor Media, a billboard operator on Puerto Rico. Crestline Specialty Lending led the debt financing, which included a new term loan and a revolving credit facility, to finance the acquisition. The proceeds of the debt financing were used to fund the purchase of Showtime, refinance outstanding debt, support the Company’s continued growth, and for other corporate purposes.
“2015 was a transformative year for B Media as the Company grew substantially over the prior year,” said Juanchi Casillas, one of the co-founders of the Company. “The Company is excited as it enters 2016 to continue to provide an island-wide network of billboards and best-in-class service to our customers.”
“Acquiring Showtime is an important strategic step in our objective to provide a vast and robust network of outdoor advertising structures across the island of Puerto Rico to our customers. The Company’s efforts over the last year have positioned it as one of the leading sources of outdoor advertising inventory on Puerto Rico,” added Hector Horta, also a co-founder of the Company.
“We are pleased to be working with Crestline,” said Bob Tamashunas, Partner of Seaport Capital. “We believe that they will be a strong partner for the Company as it continues to selectively pursue growth opportunities across the island.”
About B Media Group
Founded in 2009, B Media Group provides first-in-class billboards in digital and static formats. The Company offers strategic advertising services, flexible solutions and personalized services through a team of marketing professionals.
For more information, visit www.bmediagroup.com.
About Seaport Capital
Founded in 1997, Seaport Capital provides capital to middle market companies in the communications, media, and business services sectors. Seaport works with talented management teams to create valuable companies that are leaders in their market segments. Seaport’s extensive investing experience enables it to develop successful strategies; its relationships and resources help achieve them. The firm seeks to invest $5 to $25 million of equity capital in each portfolio company.
For additional information, visit www.seaportcapital.com.
About Crestline Specialty Lending
Crestline Specialty Lending (“CSL”) seeks to deliver flexible and dedicated capital with a focus on the lower middle-market. With over 40 years of combined experience in middle-market direct investing, the CSL team sources, underwrites, structures, and manages direct loans and equity investments through stand-alone first lien, second lien, uni-tranche and junior capital structures. CSL’s flexible products allow for tailored financing solutions for leveraged buyouts, recapitalizations, add-on acquisitions, growth capital and other situations for companies that typically have EBITDA between $4.0 million and $50.0 million.
CSL is a part of the opportunistic investment group of Crestline Investors, Inc., an alternative asset management firm headquartered in Fort Worth, Texas. Founded in 1997, Crestline is employee-owned and manages approximately $10.0 billion in assets, primarily for institutional investors.