NEW YORK–(COMMERCIAL THREAD) – Searchlight Capital Partners, LP (“Searchlight”), a leading global private investment firm, in partnership with British Columbia Investment Management Corporation (“BCI”), one of the largest asset managers in the world. Canada, today announced the signing of a definitive agreement for a strategic investment in Adams Outdoor Advertising (“Adams”). Terms of the transaction were not disclosed.

Adams, founded in 1983 by Steve Adams, is the fourth and largest private outdoor media operator in the United States. The family business has been instrumental in promoting the power of outdoor advertising by providing clients with tailored media solutions for target audiences at the local level. Adams operates in a number of strategically relevant local markets in the states of Illinois, Michigan, North and South Carolina, Pennsylvania, Virginia and Wisconsin.

“Outdoor advertising plays an important role in the infrastructure of the advertising ecosystem, especially given the unique and differentiated capabilities that the medium offers to businesses, governments and local economies,” said Darren Glatt, partner at Searchlight. “As a leading investor in the media and technology industries, Searchlight has been at the forefront of the continued evolution of the wider advertising ecosystem. We believe Adams is strongly positioned to continue to seize the opportunities presented by the digital transformation of its heritage. We look forward to working with Kevin Gleason and his team to further drive Adams’ growth by (i) expanding his footprint, (ii) developing new digital sites, (iii) capitalizing on emerging opportunities around the programmatic and technological innovation and (iv) executing on strategic mergers and acquisitions.

Dave Hong, Senior Managing Director, Private Equity at BCI, added, “We are delighted to be working with Kevin Gleason, his leadership team and Searchlight to support the growth of the business. Our investment in Adams aligns with BCI’s long-term investment approach of investing in stable sectors that offer attractive risk-adjusted returns to our pension and insurance fund clients.

Kevin Gleason, CEO of Adams, added, “We are delighted to partner with Searchlight and BCI to support Adams’ continued growth and accelerate the development of our capabilities through various forms of emerging technologies. We have always believed that outdoor advertising is more powerful than anyone has imagined and believe that Searchlight’s track record in the outdoor advertising and media industries enables us to unleash this power and value for our customers. customers and investors. We are grateful for the support of Searchlight and BCI and believe this marks the start of an exciting next chapter for our company, our employees and our local partners.

Searchlight was advised by Barclays and Latham & Watkins. Weil, Gotshal & Manges acted as separate legal advisor to BCI. Adams Outdoor Advertising was advised by PJ SOLOMON and Kaplan, Strangis and Kaplan.

About Searchlight Capital Partners, LP

Searchlight is a global private investment firm with nearly $ 9 billion in assets under management and offices in New York, London and Toronto. Searchlight seeks to invest in companies where its long-term capital and strategic support accelerate the creation of value for all stakeholders. For more information, please visit www.searchlightcap.com.

About Adams Outdoor Advertising

Adams Outdoor Advertising (“Adams”) is a privately held online and outdoor media solutions company. Adams offers unique and award-winning, audience-based creative multimedia selling expertise and a people-centered approach to customer service. Adams boldly proclaims his mission to reinvent the medium known as the outdoor by proving it to be more relevant and powerful than anyone ever imagined. By nurturing strong relationships between members and industry leaders such as Geopath and the OAAA, Adams employs data-driven media competence that sets the standard for outdoor signage.

About BCI

With C $ 199.6 billion in assets under management as of March 31, 2021, the British Columbia Investment Management Corporation (BCI) is one of the largest institutional investors in Canada. Based in Victoria, British Columbia, BCI is a long-term investor investing in a range of asset classes: fixed income; public actions; capital investment; Infrastructure; renewable resources; immovable; and commercial mortgages. BCI’s clients include public sector pension plans, insurance and special purpose funds. BCI’s private equity program, with C $ 20.7 billion in assets under management, has a well-diversified portfolio of direct investments and funds. The team brings industry expertise with more than 40 investment professionals investing in the financial and business services, healthcare, industrial, consumer and TMT sectors. For more information on BCI, please visit www.bci.ca.