Main Line Broadcasting
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Arlington Capital Partners Forms Main Line Broadcasting; Announces Acquisitions of Radio Station Clusters in Richmond, VA and Hagerstown, MD
WASHINGTON, DC, September 7, 2005 – Arlington Capital Partners, a Washington, DC-based private equity firm, announced the formation of Main Line Broadcasting, LLC, in partnership with CEO Dan Savadove. Main Line was formed to pursue a consolidation of middle market radio station clusters in attractive growth markets, with the goal of assembling a strong portfolio of leading middle market stations. The acquisition of four stations in Richmond, Virginia, and five stations in Hagerstown, Maryland and Waynesboro/Chambersburg, Pennsylvania represent the inaugural acquisitions for Main Line.
Main Line possesses the critical elements that we look for when creating an industry platform – a top industry CEO coupled with an industry where there are selective opportunities for consolidation and growth” said Perry Steiner, Partner at Arlington Capital Partners. “We believe the fundamentals of radio are excellent, and that we have an opportunity to build a group of station clusters in highly attractive markets.”
Main Line Broadcasting is led by CEO Dan Savadove, a highly successful 25 year radio executive. Having identified the opportunity to build a middle market radio platform, Arlington partnered with Savadove in late 2004 and began to identify acquisition targets. Savadove most recently spent four years as CEO of Root Communications, where he led a highly successful turnaround of Root, and ultimately the sale to Qantum Communications. Prior to Root, Savadove has a long track record of building radio clusters for Chancellor Media and Patterson Broadcasting, where he has built several of the most successful radio stations in the country.
“The acquisition of the Richmond and Hagerstown stations serve as keystone acquisitions in the establishment of Main Line Broadcasting, and we look forward to serving the listeners and advertisers in both markets,” said Dan Savadove, CEO of Main Line Broadcasting. “Main Line is poised to continue to grow, and we anticipate adding to our company through future acquisitions.”
“We are very pleased to be partnering with Dan Savadove, an industry leading CEO,” said Matt Altman, Principal at Arlington Capital Partners. “Our Operating Executive model has proven to be highly successful for Arlington Capital -- where we target a specific industry segment, recruit our CEO, and then build a company together. Main Line is poised to become a major player in middle market radio.”
About Arlington Capital Partners
Arlington Capital Partners (www.arlingtoncap.com) is a Washington, DC-based private equity fund with over $700 million of committed capital focused on middle market buyout investment opportunities in growth industries including: aerospace/defense, IT and engineering services, media, education & training, healthcare services, business services & outsourcing, 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 Partner
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