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Trailhead Media acquires Georgia-based Horton Outdoor

For Immediate Release

November 1, 2021

CARTERSVILLE, Ga. – Two Outdoor Advertising companies have completed 2021’s largest sale of Outdoor Advertising Assets in the South.

Georgia-based Horton Outdoor announced today the sale of its Outdoor Advertising Assets to Trailhead Media, an out-of-home advertising company based in Mississippi and backed by private equity firm Viking Global.

The deal includes 146 structures, and 324 faces, with 47 of those being digital displays. Horton’s assets were heavily concentrated in Georgia communities north of Atlanta with additional locations throughout Alabama and Florida. Drachman M&A Co. represented Horton Outdoor in the transaction. Terms of the deal were not disclosed.

Horton Outdoor had grown rapidly in the last five years, pursuing an aggressive acquisition strategy. Horton Outdoor was a portfolio company of McWhorter Capital Partners, a private equity firm in Cartersville. Horton Media CEO Josh McWhorter said the divestiture made sense for his firm.

“There were a lot of factors that made the decision to exit now, tough. At the end of the day, it was just the right time. What started as a tribute to the late Eric Horton grew into the most memorable investment MCP has ever made. I hope he’s looking down very proud. The success of Horton is directly related to our team - Deanna, Hunter, Kelly, Kristy, Charlie, Wayne, Rachel & Chase.” McWhorter said. Trailhead Media CEO, Robert MacMillan, called the acquisition an “undeniably good fit” for his company, which has been acquiring new assets and expanding its national footprint.

“We are bullish on the growth of southern markets, and this transaction shows we are doubling down on acquiring assets that enhance and expand our footprint,” MacMillan said.

Drachman M&A Co. CEO, Max Drachman, said the portfolio of assets sold by Horton Outdoor represents a significant investment and an intentional strategy.

“Josh McWhorter and McWhorter Capital executed a textbook private equity growth strategy,” Drachman said.” They acquired a beachhead in the southeast and spent the next several years enhancing value through 31 smart, accretive acquisitions. Horton also had an aggressive organic development program for high-end assets, hired and retained great people, and then recognized the right time to exit in a strong market.”

Drachman added Trailhead Media’s story is still being written.

“The Horton acquisition is Trailhead’s largest to date. Their ability to scale rapidly is a testament to the quality of the professionals on their team. Rob MacMillan of Trailhead and Viking Global have a seamless diligence process that contributes to an efficient closing. Their exponential growth in a mere two years is also an example of the dynamic and competitive landscape of the out-of-home advertising industry,” Drachman said.

Cahill Gordon & Reindel LLP served as legal counsel to Horton Outdoor. Jennifer Sloane and Horne Capital advised Trailhead Media.

About Drachman M&A Co.

Drachman M&A Co. is a boutique firm focused on Mergers and Acquisitions of Outdoor Advertising and Tower assets. We provide guidance and strategic advice from a position of total transparency and complete alignment with the goals of our clients. Drachman M&A Co. is built on a foundation of trust, confidentiality, and integrity coupled with a reputation for persistence and delivering results.

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