Baton Rouge-based Lamar Advertising Co. acquired a billboard operator based in Arkansas in a deal that closed recently.
Ashby Street Outdoor Holdings has about 1,900 outdoor advertising displays across four states: Arkansas, Kansas, Oklahoma and Missouri. It was founded in 2011. The price was not disclosed.
About 91 of the company's displays have LED and are automated to change advertisements. Ashby Street's majority owners were private equity firm Tinicum Capital Partners II LP, alongside other investment partnerships controlled by Tinicum, which has offices in Houston.
By comparison, Lamar Advertising has more than 156,000 billboard displays across 45 states and Canada. In a previous December 2018 acquisition, Lamar bought Fairway Outdoor Advertising billboard operations in five markets that spanned 8,500 billboards for $418 million.
Lamar Advertising is an outdoor and transit advertising company that operates as a real estate investment trust.
Lamar Advertising generated $147.5 million in adjusted funds from operations during first quarter this year, up from $135.8 million a year ago.
Lamar Advertising Co. has appointed Jay Johnson as chief financial officer, succeeding Keith Istre who announced in January his plan to retire…