Seaport Capital Invests in Pearl Media
April 29, 2022
Pearl Media, in partnership with Seaport Capital, has acquired LURE Outdoor, making it one of the premier street-level Out of Home (“OOH”) Media companies in the United States. Based in New York City, LURE Outdoor’s OOH mix encompasses over 120 high profile street-level billboards, barricades and storefronts throughout New York City, Brooklyn, Chicago, and Los Angeles.
In addition, Pearl continues to focus on delivering brands more specific media buys through partnerships with some of the most sought-after mixed-use developments and large format OOH assets in urban core downtown markets around the country. The acquisition enables the company to provide significant, expanded reach to high impact media within trendsetting hubs of major cities.
“Pearl Media was born in OOH on the street level, pioneering the acceptance of storefronts into the OOH media mix over a decade ago. Today the business has grown in several directions; however we have never lost our love for the medium and we recognized LURE has done an amazing job building out this high-profile permitted inventory in some of the top neighborhoods and cities in the country. We could not be more thrilled about the opportunity in front of us to continue to build out this portfolio with the expanded team,” said Joshua Cohen, CEO of Pearl Media.
“Josh and his team have done an extraordinary job building Pearl into a leader in the OOH space and giving it the competitive edge that it has today. Seaport has invested in OOH companies over the last 25 years, and we believe that the collection of Pearl and LURE assets is extremely unique and attractive in the markets in which they operate,” said Bob Tamashunas, Partner at Seaport Capital. “We are excited to further develop the business they have created and partner with the team to help grow Pearl both organically and inorganically.”
For the last 8 years, LURE Outdoor has led the way in curating and developing niche “can’t miss” eye-level billboards and in-window displays, capturing consumers’ attention with bold and innovative campaigns. LURE’s assets have allowed brands to break through the busiest, most desirable streets and neighborhoods to connect with consumers. “With shared values and a shared love for street-level OOH media, joining Pearl is the ideal next step for LURE to grow. We are excited to see Pearl’s vision for the combined entity come to fruition”, said Jonny Kaloudis, CEO of LURE.
About Pearl Media
Pearl Media develops, manages and sells unique marketing, digital and static media opportunities. Working with best-in-class real estate assets, Pearl develops urban core, mixed-use commercial space, transit centers and transit adjacent properties in top markets with premium place-based static and digital signage. We target and transform premium large format static properties and vacant storefronts into best-in-market out-of-home advertising opportunities. For more information, please visit https://www.pearlmedia.com.
About Seaport Capital
Founded in 1997, Seaport Capital is a lower middle-market buyout firm that invests in communication infrastructure and services, business and information services, and media companies (the “Focus Sectors”). Seaport typically invests $10 to $30 million of equity capital in companies generating EBITDA between $3 and $15 million, with the goal of maximizing the return on invested capital. Seaport is currently investing through the $240 million Seaport Capital Partners VI, a 2020 vintage fund. Seaport’s substantial industry expertise and investing experience enable it to develop successful strategies in partnership with management teams. Nearly all of Seaport’s platform investments have been owned by founders or entrepreneurs seeking a collaborative institutional partner to provide the financial and operational resources to grow their businesses and execute on a successful strategic plan. Visit https://www.seaportcapital.com.