Lamar Advertising Company (Nasdaq: LAMR) has expanded its portfolio by acquiring the assets of AdSource Outdoor Advertising in a notable UPREIT transaction within the billboard industry.
The acquisition, finalized on August 12, brings over 230 billboard faces, including 30 digital displays, located in Louisiana, under Lamar's management.
AdSource's assets were integrated into Lamar Advertising Limited Partnership, the operating subsidiary responsible for holding Lamar's assets.
Johnsen, Fretty & Co., LLC served as the financial advisor for AdSource, while McGrath North Mullin & Kratz provided legal counsel.
“We are thrilled to add AdSource’s inventory, which will further strengthen our portfolio in southwest Louisiana,” said Sean Reilly, Lamar’s chief executive officer. “Kudos to Paul, Keith and Russell on the business they’ve built. We welcome them as partners, and we look forward to completing additional UPREIT transactions with owners who share an interest in diversifying their asset bases in a tax-efficient manner.”