|
Arlington Capital Partners Announces Station Group Acquisitions for Portfolio Company Cherry Creek Radio; Cherry Creek to Acquire Radio Stations
WASHINGTON, DC, August 11, 2004 -- Arlington Capital Partners, a Washington, DC-based private equity firm, today announced the signing of definitive agreements to acquire eight radio stations in three separate transactions in Montana, Texas and Colorado for portfolio company Cherry Creek Radio (www.cherrycreekradio.com). With these acquisitions Cherry Creek now operates 32 stations in 11 markets in the western United States.
“The acquisitions of these eight stations is an extension of our strategy in forming Cherry Creek Radio,” said Perry Steiner, Managing Director at Arlington Capital Partners. “We will look to continue to acquire additional station groups as we build Cherry Creek into one of the industry's premier small market radio companies.”
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 acquisitions of additional stations to our existing group in Helena, Montana and adding Stephenville, Texas and Montrose, Colorado as new markets, represents an important step in building our radio group. Cherry Creek now operates the #1 radio cluster in 10 of its 11 markets, with heritage stations and an exceptional employee base and station management,” said Joe Schwartz, CEO of Cherry Creek.
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.”
The transactions are subject to FCC approval, and are scheduled to close in the 3rd and 4th quarters.
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
Contacts: 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)
|
