Buyout (LBO, MBO, MBI) • Media

Evergreen Pacific Partners and ABRY Partners Acquire Finest City Broadcasting

On December 27, 2005, private equity firms Evergreen Pacific Partners and ABRY Partners acquired media company Finest City Broadcasting

Acquisition Context
  • This is Evergreen Pacific Partners’ 2nd and ABRY Partners’ 8th transaction in the Media sector.
  • This is Evergreen Pacific Partners’ 2nd and ABRY Partners’ 25th transaction in the United States.
  • This is Evergreen Pacific Partners’ 1st and ABRY Partners’ 3rd transaction in California.
Investment Fate
  • Finest City Broadcasting was sold to a strategic buyer in 2010.

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M&A Deal Summary

Date December 27, 2005
Target Finest City Broadcasting
Sector Media
Buyer(s) Evergreen Pacific Partners
ABRY Partners
Deal Type Buyout (LBO, MBO, MBI)

Target Company

Finest City Broadcasting

San Diego, California, United States
Finest City Broadcasting operates the second largest broadcasting cluster in San Diego, CA with three full market 100KW class C FM radio stations. The stations include San Diego's old school XHRM (Magic 92.5), alternative rock XETRA (91X), and contemporary hit radio XHITZ (Z90).
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Buyers Overview 2

Buyer

Evergreen Pacific Partners

Seattle, Washington, United States

Category Private Equity Firm
Founded 2004
PE ASSETS 700M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Evergreen Pacific Partners is a private equity firm that invests in private, middle-market companies in Western North America. Evergreen focuses on buyouts and growth equity investments in companies generating sales of at least $50 million and where the firm can commit at least $15 million of capital. Sectors of interest include manufacturing/distribution, specialty packaging, consumer products and cable television/radio. Evergreen Pacific was formed in 2004 and is based in Seattle, Washington.


Deal Context for Buyer #
Overall 2 of 16
Sector: Media 2 of 2
Type: Buyout (LBO, MBO, MBI) 1 of 5
State: California 1 of 4
Country: United States 2 of 16
Year: 2005 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-03-25 Western Broadband

Sun Lakes, Arizona, United States

Western Broadband LLC is a provider of cable television system serving active retirement communities in suburban Phoenix and Tucson. Western Broadband delivers state-of-the-art services, including broadband cable television, high-speed modems, high definition TV, DVR’s, digital and telephone service to its subscribers.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-07-10 Gene Juarez Salons & Spas

Lynnwood, Washington, United States

Gene Juarez Salons & Spas is a fashion and beauty destination, offering a complete range of salon services and exclusive spa treatments. Gene Juarez operates 10 luxury salons and spas and two academies across the Northwest. Gene Juarez Salons & Spas was founded in 1971 and is based in Lynnwood, Washington.

Buy -
Buyer

ABRY Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1989
PE ASSETS 12.8B USD
Size Mega
Type Sector Focused
DESCRIPTION

ABRY Partners is a media and communications focused private equity investment firm. Specific areas of interest include television, publishing, convention/trade shows, for-profit training, couponing, monitoring services, telephone companies, communications towers, music libraries, database providers, wireless communications, and in-store advertisers. ABRY can provide both equity and mezzanine capital, typically committing $20 to $200 million of equity or $15 to $50 million of mezzanine capital per transaction. Prospective transaction situations include buyouts, expansion financings, platform acquisitions, consolidations, and recapitalizations. ABRY Partners was formed in 1989 and is headquartered in Boston, Massachusetts.


Deal Context for Buyer #
Overall 26 of 175
Sector: Media 8 of 11
Type: Buyout (LBO, MBO, MBI) 20 of 43
State: California 3 of 19
Country: United States 25 of 145
Year: 2005 6 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-12-14 WideOpenWest

Englewood, Colorado, United States

WideOpenWest is a provider of high-speed Internet, cable TV, and phone serving communities in the U.S. WOW's operating philosophy is to deliver an employee and customer experience that lives up to its name. WideOpenWest was founded in 2001 and is based in Englewood, Colorado.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-01-01 Billing Services Group

San Antonio, Texas, United States

Billing Services Group provides a suite of financial clearinghouse services for merchants, online stores and telecommunications companies. The Company's services include LEC phone clearing, billing and settlement solutions, toll clearing services, a Wi-Fi wholesale settlement solution, and VoiceLog Third Party Verification. Billing Services Group was formed in 2005 and is based in San Antonio, Texas.

Sell -