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One Size Fits All-- Lamar Advertising worker Blake Parr waits near a monster pair of sunglasses on an billboard, ready to descend after he, Willie Norman and Chase Maddox changed out the bulletin vinyl on the opposite side, to create a new billboard, Thursday, Oct. 31, 2019. The billboard is for Shades, a sunglasses and casual apparel shop in Perkins Rowe.

Baton Rouge-based Lamar Advertising Company has launched a new subsidiary spearheaded by a next-generation family leader and wants to raise up to $345 million from investors to take a business public. 

Established businesses most commonly start selling shares on the stock exchanges through an initial public offering through institutional brokers. What Lamar plans to do is a different and increasingly popular process, starting with an empty shell known as a special purpose acquisition company, or SPAC. SPACs are often considered a "blank check" company. Lamar would raise money from investors for Lamar Partnering as it plans to raise between $300 million and $345 million through investment bankers at Morgan Stanley and Citigroup. The initial stock in Lamar Partnering has been priced at $10 a share.

Lamar would use the money to go hunting for an existing business to essentially buy, then take public, through Lamar Partnering Corporation. 

Ross Reilly serving as chief executive officer of Lamar Partnering. Reilly is Lamar's vice president of mergers and acquisitions and business analytics. Reilly is the son of Kevin Reilly Jr., board chairman, and the nephew of Sean Reilly, Lamar's chief executive officer. The company has more than 357,500 advertising displays across the U.S.

Lamar plans to search for a business "at the intersection of the out-of-home advertising, technology and communication sectors" that doesn't directly compete with the billboard giant. 

Lamar Partnering Corporation expects to own 20% of the company and will acquire $100 million of its stock as part of the SPAC. The company will trade on the Nasdaq stock market under the ticker symbol LPCXU. According to documents filed Tuesday with the U.S. Securities and Exchange Commission, the stock would start trading around mid-June. 

Email Kristen Mosbrucker at kmosbrucker@theadvocate.com.