|By PR Newswire||
|May 28, 2013 02:11 PM EDT||
WESTPORT, Conn., May 28, 2013 /PRNewswire/ -- In support of Connoisseur Media's recent acquisition of certain assets of Cox Radio and Nassau Broadcasting, Balance Point Capital Partners provided $11.1 million in total financing, including $5.7 million in Mezzanine Notes and $5.4 million in Common Equity.
Based in Westport, CT, Connoisseur Media LLC owns and operates commercial radio stations throughout the United States. The acquisition of assets of Cox Radio and Nassau Broadcasting increases the total number of radio stations in Connoisseur Media's portfolio to 40, with stations spanning Connecticut, New Jersey, New York, Nebraska, Illinois, Pennsylvania, Montana and Kansas with prominent positions in the Long Island, New York, Eastern Pennsylvania, and Billings, Montana markets. The company primarily operates FM stations with select AM assets. Connoisseur's stations represent a variety of formats addressing a broad spectrum of audiences. Its chief operating strategy is focused on generating enhanced margins though improving efficiencies and top line growth initiatives. Connoisseur operations continue to be characterized by well researched and targeted programming, comprehensive training of its people, and dedicated local service (www.connoisseurmedia.com).
"We are proud and excited to welcome Balance Point as our partner," said Jeffrey D. Warshaw, CEO of Connoisseur Media. "Their vision and support has helped enable us to acquire these terrific assets. They have been instrumental in our explosive growth."
The acquisition of assets from Cox Radio and Nassau Broadcasting has added two strategically positioned groups of stations in the Pennsylvania, New Jersey and Connecticut markets to Connoisseur's portfolio. Together, with its existing assets in Long Island, this acquisition has enabled Connoisseur to create a truly unique "media ring" around the greater metropolitan New York market.
"Balance Point Capital is excited to be partners with Connoisseur Media and its management team," said Seth Alvord, Managing Partner of Balance Point Capital. "These strategic assets will be an excellent addition to Connoisseur's portfolio."
Balance Point Capital Partners invests mezzanine and equity capital in select lower middle market companies. Since 1988, the firm and its predecessor funds have invested in over 75 distinct businesses. Balance Point Capital Partners takes a long-term, partnership approach to investing and are committed to building lasting relationships with private equity sponsors, management teams and intermediaries. They target companies with EBITDA between $2 million and $20 million and typically invest $3 million to $15million per transaction. Seth Alvord, Managing Partner, and Rob Gibson, Senior Vice President, led the financing effort for Balance Point Capital Partners. Balance Point Capital Partners is based in Westport, CT (www.balancepointcapital.com).
Contact: Robert Gibson, Senior VP; (203) 652-8254
Balance Point Capital Partners, LP
SOURCE Balance Point Capital Partners, LP