Los Angeles, CA – Skies Above Media announced today the acquisition of digital out of home (OOH) assets from Axis Digital Media. Drachman M&A Co. represented Axis Digital Media in the transaction. The capital required for this strategic acquisition was provided by Verde Outdoor Capital. Terms of the deal were not disclosed.

Skies Above Media is a privately owned independent OOH media owner, operator, and representative based in Los Angeles with over 200 assets across Los Angeles, New York, Chicago, San Francisco, Boston, Detroit, Phoenix, Atlanta, Palm Springs, Bakersfield, and Fresno.

“It was great working with Axis on this transaction. Through our prior successful representation of these assets, we knew how important they are for advertisers connecting with consumers across San Gabriel Valley and the Greater Los Angeles area, representing the second-largest metropolitan area in the United States.  We could not be more excited about bolstering our portfolio with these digitals and we are always looking up and seeking the best ways to continue to grow our business ahead,” mentioned Skies Above Media CEO and Owner, Glyn Williams.

Axis Digital Media, President and Owner, Pierre DeLorenzo, said the terms and timing made sense for them to transact:

“OOH advertising is an excellent business. The results we have been fortunate to provide our clients have been substantial and highly gratifying. I’ve known Glyn for years, and I have no doubt they will do very well here going forward. They were a pleasure to work with and I look forward to continuing the relationship.”

Rickard Strom, President of Verde Outdoor Capital, expressed his satisfaction with the company’s role in the acquisition. “Verde Outdoor Capital is proud to have played a pivotal part as the capital lender in this transaction. We believe in the potential and vision of Skies Above Media and their commitment to the OOH advertising industry. This partnership exemplifies the growth and innovation that can be achieved when visionary companies collaborate.”

Drachman M&A Co. CEO, Max Drachman, highlighted the momentum this deal carried from start to finish. “It was apparent on our first call to Skies Above that they wanted to put a deal together. They knew the opportunity well and moved quickly to close. Congratulations to Pierre at Axis for a successful investment in OOH, and look forward to seeing many more acquisitions by Skies Above.”

Via Billboard Insider