M&A Deal Summary

Cumulus Media Acquires Cumulus Media Partners

On August 1, 2011, Cumulus Media acquired communications company Cumulus Media Partners from The Blackstone Group, Bain Capital Private Equity, Thomas H. Lee Partners, CCMP Capital and Crestview Partners for 740M USD

Acquisition Highlights
  • This is Cumulus Media’s 1st transaction in the Communications sector.
  • This is Cumulus Media’s largest (disclosed) transaction.
  • This is Cumulus Media’s 2nd transaction in the United States.
  • This is Cumulus Media’s 1st transaction in Georgia.

M&A Deal Summary

Date 2011-08-01
Target Cumulus Media Partners
Sector Communications
Buyer(s) Cumulus Media
Sellers(s) The Blackstone Group
Bain Capital Private Equity
Thomas H. Lee Partners
CCMP Capital
Crestview Partners
Deal Type Add-on Acquisition
Deal Value 740M USD

Target

Cumulus Media Partners

Atlanta, Georgia, United States
Cumulus Media Partners, LLC owns and operates radio broadcasting stations. The company, through its AM and FM radio stations, serves listeners, communities, advertisers, and agencies in Dallas, Houston, San Francisco, Atlanta, Cincinnati, Indianapolis, York, Albemarle, and Anniston. The company was formerly known as Susquehanna Radio Corp. and it changed its name to Cumulus Media Partners, LLC in May, 2006.

Search 199,713 Deals Now

SEARCH BY

  • Buyer Type (PE or Strategic)
  • Deal Size ($10M to $10B+)
  • Sector (60 Sectors)
  • Deal Type
  • Geography
  • & More

Try For Free 7-Day Free Trial

Buyer(S) 1

Buyer

Cumulus Media

Atlanta, Georgia, United States

Category Company
Founded 2002
Sector Media
Employees2,464
Revenue 845M USD (2023)
DESCRIPTION
Entrance to Cumulus' corporate headquarters in Atlanta, Georgia.
Entrance to Cumulus' corporate headquarters in Atlanta, Georgia.

Cumulus Media is an owner and operator of AM and FM radio stations in the United States. Cumulus Media was incorporated in 2002 and is headquartered in Atlanta, Georgia.


DEAL STATS #
Overall 2 of 6
Sector (Communications) 1 of 1
Type (Add-on Acquisition) 2 of 6
State (Georgia) 1 of 1
Country (United States) 2 of 6
Year (2011) 1 of 2
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2002-03-28 Aurora Communications

United States

Aurora Communications, Inc. is a privately held company formed to acquire and operate small market radio stations throughout the United States. The company was acquired by Cumulus Media, Inc. in March 2002.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-09-16 Citadel Broadcasting

Las Vegas, Nevada, United States

Citadel Broadcasting (Formerly Citadel Communications Corp.) is the largest pure play radio company in the United States.

Buy -

Seller(S) 5

SELLER

The Blackstone Group

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1987
PE ASSETS 131.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

The Blackstone Group is a global alternative investment management firm. The Firm's investment activities span real estate, secondary investments, hedge funds, credit, infrastructure, and private equity. Blackstone's private equity group targets opportunities globally including buyout acquisitions of established companies, development projects, growth equity financings, and industry consolidations. Sectors of interest include automotive, healthcare, chemicals, industrial, commercial property, lodging, communications, media/publishing, consumer & retail, packaging, consumer products, pharmaceuticals, energy, technology, entertainment, telecommunications, financial services, theme parks, food & beverage, and transportation. Blackstone's private equity real estate group looks for opportunities across North/South America, Asia, Australia/New Zealand, and Europe. The real estate group will consider both equity and debt investments. Areas of interest include healthcare, hotel, industrial, office, residential, and retail. The Blackstone Group was formed in 1987 and is based in New York City.


DEAL STATS #
Overall 61 of 173
Sector (Communications) 11 of 15
Type (Add-on Acquisition) 24 of 67
State (Georgia) 2 of 5
Country (United States) 42 of 105
Year (2011) 8 of 9
Size (of disclosed) 44 of 57
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-07-21 Jack Wolfskin KGaA

Idstein, Germany

Jack Wolfskin GmbH & Co. KGaA is a provider of functional outdoor clothing, footwear and equipment in Europe and the largest franchisor in the German specialist sports retail market. Jack Wolfskin products are currently available in more than 400 franchise stores and at 4,000 points of sale across Europe and Asia. Jack Wolfskin products feature a high degree of functionality, user-friendliness and innovation.

Buy €700M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-08-04 Emdeon Business Services

Nashville, Tennessee, United States

Emdeon Business Services is a provider of revenue cycle management and clinical communication solutions that enables payers, providers and patients to improve healthcare business processes. Emdeon Business Services is based in Nashville, Tennessee.

Buy $3.0B
SELLER

Bain Capital Private Equity

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1984
PE ASSETS 44.2B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Bain Capital Private Equity (BCPE), is the private equity investment arm of alternative asset management firm, Bain Capital. BCPE targets leveraged buyout and growth capital transactions in a wide variety of industries including information technology, communications, media, healthcare, industrial/manufacturing, retail/consumer, and financial services. Bain Capital is based in Boston with additional offices in New York, London, Mumbai, Hong Kong, Shanghai, Tokyo, and Munich.


DEAL STATS #
Overall 39 of 148
Sector (Communications) 3 of 3
Type (Add-on Acquisition) 10 of 41
State (Georgia) 2 of 8
Country (United States) 29 of 86
Year (2011) 6 of 6
Size (of disclosed) 30 of 44
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-07-11 Dunkin Brands Group

Canton, Massachusetts, United States

Dunkin' Brands Group, Inc. is a franchisors of quick service restaurants (QSR) serving hot and cold coffee and baked goods, as well as hard-serve ice cream. Dunkin' Brands Group was founded in 1961 and is based in Canton, Massachusetts

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-08-21 MYOB

Cremorne, Australia

MYOB is a provider of business management software. The company's innovative software and services simplify many parts of a business including accounting, payroll, retail POS, CRM, websites, tax, and more. MYOB was founded in 1991 and is based in Cremorne, Australia.

Buy AU$1.2B
SELLER

Thomas H. Lee Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1974
PE ASSETS 35.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Thomas H. Lee Partners (THL) is a private equity firm that seeks buyout, expansion, consolidation, distressed, and recapitalization investments across various industries. Sectors of interest include business and information services, consumer products/retail, financial services, healthcare, industrial, and media/communications. THL looks to invest $100 to $400 million in companies valued up to $2.5 billion. THL was formed in 1974 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 21 of 54
Sector (Communications) 2 of 3
Type (Add-on Acquisition) 6 of 18
State (Georgia) 2 of 4
Country (United States) 16 of 45
Year (2011) 4 of 4
Size (of disclosed) 17 of 21
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-07-11 Dunkin Brands Group

Canton, Massachusetts, United States

Dunkin' Brands Group, Inc. is a franchisors of quick service restaurants (QSR) serving hot and cold coffee and baked goods, as well as hard-serve ice cream. Dunkin' Brands Group was founded in 1961 and is based in Canton, Massachusetts

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-04-05 Ariel Re

Hamilton, Bermuda

Ariel Re is a reinsurance company based in Bermuda that underwrites a global portfolio of insurance and reinsurance business through offices in London, Bermuda, Atlanta and Kansas City. Ariel Re was founded in 2005 and is based in Hamilton, Bermuda.

Sell -
SELLER

CCMP Capital

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1984
PE ASSETS 18.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

CCMP Capital is a large private equity firm focused on buyout and growth equity valued up to $2 billion. Sectors of interest include consumer, retail, and services (specialty retail, direct marketing, consumer packaged goods); media/telecom (consumer and trade publishing, content and programming, broadcasting, cable, wireless and wire line communications ); industrial (chemicals, manufacturing, distribution, automotive); energy (exploration and production, power generation, renewable energy, services); and healthcare (services, pharmaceuticals, medical devices). The Firm's target investment size is $100 to $500 million. CCMP Capital Advisors was formed in 1984 and was spun off in 2006 from JP Morgan Chase. The Firm is based in New York City.


DEAL STATS #
Overall 54 of 78
Sector (Communications) 4 of 5
Type (Add-on Acquisition) 16 of 22
State (Georgia) 2 of 2
Country (United States) 44 of 61
Year (2011) 5 of 5
Size (of disclosed) 19 of 30
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-07-22 francesca s

Houston, Texas, United States

francesca's is an online women's fashion retailer. francesca's was founded in 1999 and is based in Houston, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-12-23 Volotea

Barcelona, Spain

Volotea is an airline that offers 293 point-to-point routes between 78 mid-small-sized cities throughout Europe at very competitive prices. Volotea was founded in 2009 and is based in Barcelona, Spain.

Buy -
SELLER

Crestview Partners

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2004
PE ASSETS 10.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Crestview Partners is a private equity firm focused on challenging investment situations. Crestview targets opportunities across a broad range of industries, with a special interest in asset management, media, healthcare and financial service companies. The Firm looks to commit $100 to $250 million of equity capital in transactions valued between $500 million and $3 billion. Crestview Partners was formed in 2004 and is based in New York, New York.


DEAL STATS #
Overall 4 of 27
Sector (Communications) 1 of 5
Type (Add-on Acquisition) 2 of 12
State (Georgia) 1 of 2
Country (United States) 2 of 19
Year (2011) 1 of 1
Size (of disclosed) 8 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-05-12 Select Water Solutions

Houston, Texas, United States

Select Water Solutions is a provider of oil and gas service company, with a focus on being a solutions provider for its customers. Select offers an array of services and supplies, providing wellsite solutions to oil and gas producers in Texas, Oklahoma, Arkansas, Louisiana, Colorado, Pennsylvania and West Virginia. Select's companies offer wellsite rentals and accommodations, water management operations, pipeline construction, rig logistics, heavy haul services and wellsite construction. Select Water Solutions was founded in 2016 and is based in Houston, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-11-23 Samson Investment

Tulsa, Oklahoma, United States

Samson Investment Company is a privately-held independent exploration and production company.

Buy $7.2B