GMT’s Primesight in advertising bolt-on

The communications-focused private equity firm has doubled the size of Primesight, its UK-based outdoor advertising business.

Primesight, an outdoor advertising business owned by private equity firm GMT Communications, has acquired the roadside assets from competitor Titan Outdoor Advertising.

Titan's billboards: part of Primesight

Financial details were not disclosed, but a spokesman for GMT said that the deal would double the size of Primesight, for which GMT paid £62 million (€73 million; $102 million) two years ago.

GMT, a private equity firm focused exclusively on the communications sector, acquired Primesight in 2007 from the then indebted media group SMG and this is the first bolt-on acquisition by the firm.

Primesight owns and markets a portfolio of outdoor advertising products, such as advertising display panels on major roads and display panels at leisure and retail outlets throughout the UK.

Corporate finance firm Hawkpoint advised GMT on the transaction and Weil, Gotshal & Manges provided legal advice.