The $30 million investment will give Lamar a seat on Vistar’s board of directors and help the New York-based company strengthen its finances, enter new markets and expand its research and development. Vistar will continue to operate as an independent partner to buyers and sellers.
Sean Reilly, chief executive officer of Lamar, said in a statement this is an investment in the future of the sign industry. Lamar has been working with the company for the last eight years.
Vistar, which was founded in 2012, uses location-based data from wireless carriers to help companies market through mobile advertising. It has clients such as Verizon, Coinstar, Redbox and Topgolf. The company’s Cortex device management software and the Vistar ad server allow the networks to control all on-screen displays while monitoring and troubleshooting software.
Lamar is one of the largest outdoor advertising companies in North America, with over 3,700 digital billboard displays in the United States among the more than 351,000 displays it has across the country and Canada. Lamar offers advertisers a variety of billboard, interstate logo, transit and airport advertising formats.
“As a longtime partner with Vistar, we’ve been impressed with their thoughtful leadership, technology and innovation,” Reilly said. “We're hopeful that this investment will help Vistar pursue further growth to the benefit of media owners and advertisers.”
Shares of Lamar closed Monday at $108.55, up 20 cents.