Private equity firm Quadrant has acquired 100 per cent of digital out of home business QMS Media for $571.3 million.
Announced this morning on the ASX, Quadrant has acquired all of QMS Media shares with an all cash offer at $1.22.
The QMS Media board unanimously recommended the Quadrant scheme offer to shareholders.
QMS Media chairman Wayne Stevenson said: “Having fully considered a range of strategic alternatives in relation to some or all parts of the QMS business, including the receipt of an unsolicited proposal from Quadrant, the Board believes this offer allows QMS shareholders to realise significant value for their shares.
“Since QMS Media’s initial public offering in 2015, QMS Media has delivered significant shareholder value, as illustrated by the increase from its IPO price of $0.65 to the Scheme Consideration of $1.22”.
QMS Media CEO Barclay Nettlefold (feature image) said: “The recommended acquisition of QMS by Quadrant represents an excellent outcome for our shareholders, partners and employees.
“It is a testament to our sustained growth in a challenging market, and our continued market leading digital revenue contribution, led by our strong and experienced executive management team.”
Quadrant Private Equity partner Jonathon Pearce said: “We are delighted to have an opportunity to partner with Barclay and his experienced team.
“QMS has a proven track record of delivering sustainable growth. Under Barclay’s continued leadership and with Quadrant providing additional capital, we believe the business will continue to grow and deliver innovative market leading solutions to customers across the Australia & New Zealand Media and Global Sports divisions.”