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Arlington Capital Partners Announces Acquisition of 19 Radio Stations for Portfolio Company Cherry Creek Radio from Fisher Communications
WASHINGTON, DC, June 12, 2006-- Arlington Capital Partners, a Washington, DC-based private equity firm, today announced the signing of definitive agreements to acquire 19 radio stations in Montana and Washington for portfolio company Cherry Creek Radio (www.cherrycreekradio.com). With these acquisitions Cherry Creek now owns and operates 63 stations in 20 markets in the western United States.
“The acquisitions of these 19 stations is an extension of our strategy in forming Cherry Creek Radio,” said Perry Steiner, Partner 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’s acquisitions of these stations is highly complimentary to our existing group. Cherry Creek now operates the largest radio group in the state of Montana," said Joe Schwartz, CEO of Cherry Creek.
Matt Altman, Principal 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 $1 billion of committed capital focused on middle market buyout investment opportunities in growth industries including: media, healthcare services, business services, education, and aerospace/defense. 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
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