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Arlington Capital Partners Announces Acquisition of 24 Radio Stations; Cherry Creek Radio to Acquire Commonwealth Communications
WASHINGTON, DC, October 13, 2003 -- Arlington Capital Partners, a Washington, DC-based private equity firm focused on the media, business services, and defense industries today announced the formation of Cherry Creek Radio, LLC, in partnership with CEO Joe Schwartz. Cherry Creek was formed to create an industry leading radio company serving small markets throughout the western United States.
The acquisition of Commonwealth Communications represents the inaugural acquisition for Cherry Creek and will serve as a platform for Cherry Creek’s continued growth in the industry. Commonwealth currently operates 24 stations in 9 markets across California, Washington, Montana, Arizona, Colorado, and North Dakota. Cherry Creek is also currently pursuing additional station acquisition opportunities with complementary profiles.
"Cherry Creek possesses the critical elements that we look for when creating an industry platform – a proven executive team operating in a healthy industry with strong opportunities for organic growth and continued expansion." said Perry Steiner, Managing Director at Arlington Capital Partners. "We believe the fundamentals of radio are strong today. With the advertising economy stabilizing, this is an attractive time to enter the radio broadcast industry in partnership with experienced operators."
Cherry Creek Radio is led by Chief Executive Officer Joe Schwartz. Mr. Schwartz has been a highly successful media executive for over a quarter of a century, having maintained senior operating roles at leading radio companies such as Emmis Communications and Saga Communications. Mr. Schwartz has also owned and operated radio stations in several western markets as President of Bengal Communications. Mr. Schwartz’s background, which includes all areas of radio station management and ownership, has been the basis for a successful career directing stations to significant increases in ratings, revenue and profitability.
"Cherry Creek’s acquisition of Commonwealth Communications represents the first big step in building our radio group. Commonwealth operates the #1 radio cluster in 8 of its 9 markets, with heritage stations and an exceptional employee base and station management," said Mr. Schwartz, CEO of Cherry Creek. "With the Commonwealth acquisition, we have an excellent start in executing our strategy of continued growth." continued Schwartz.
Matt Altman, Vice President at Arlington Capital Partners stated, "We believe that small markets represent an attractive area for investment in the radio industry. A small market focused radio company such as Cherry Creek is best positioned to provide top quality local programming and services to its communities, while offering the highest value for local and national advertisers."
About Arlington Capital Partners:
Arlington Capital Partners (www.arlingtoncap.com) is a Washington, DC-based private equity fund with over $450 million of committed capital focused on middle market buyout investment opportunities in growth industries including the business services and outsourcing, aerospace/defense, IT and engineering services, media, education and training, healthcare services, and specialized manufacturing and related industries. The firm's professionals have a unique combination of operating and private equity experience that enables Arlington to be a value-added investor. Arlington invests in companies in partnership with high quality management teams that are motivated to establish and/or advance their company‚s position as leading competitors in their field.
SOURCE: Arlington Capital Partners
Contact: Perry Steiner and Matt Altman
Arlington Capital Partners
600 New Hampshire Ave., NW
Suite 660
Washington, DC 20037
(202) 337-7500
(202) 337-7525 (fax)
Contact: Joe Schwartz, CEO
Cherry Creek Radio, LLC
(303) 377-6910
cherrycreekradio@msn.com
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