McCarthy, Alta Communications buy Nebraska radio stations

The McCarthy Group, Alta Communications and investment company WaittCorp have added-on five Nebraska radio stations to their jointly held portfolio company, NRG Media.

Private equity firms McCarthy Group and Alta Communications, as well as investment holding company WaittCorp, have purchased five radio stations in Lincoln, Nebraska. Terms of the deal were not disclosed.

The radio stations will be merged with NRG Media, a Midwest radio network operator jointly owned by all three firms.

The acquisition will help NRG to strengthen its regional presence and better serve its customers, NRG chief executive officer Mary Quass told PEO.

“We’re in acquisition mode,” Quass said, hinting that more deals are in the pipeline. She said the company is looking to build its Midwest base and reallocate its existing resources in a way that allows it to generate additional growth.

Since McCarthy, Alta and WaittCorp jointly acquired the company in 2005, NRG bought a station in Wisconsin, and has also sold some of its assets, including a property in Kansas.

Omaha, Nebraska-based McCarthy Group manages $200 million (€144 million). Its second and latest fund, Fulcrum II, closed on $85 million in 2005. Fulcrum II makes investments of between $10 million and $50 million in private and small public companies. Its past investments include hunting and fishing retailer Cabela’s and community newspaper manager BlueLine Media Holdings.

Alta Communications is based in Boston, and manages $1.5 billion in committed assets. Its most recent fund, Alta IX, closed on $500 million in early 2003. The firm invests in radio, cable, wired and wireless telecom, out-of-home media, television, publishing and online content.