SunTx seals $215m broadcasting exit

The mid-market firm will partially exit Texas-based media company LBC.  

Dallas based mid-market firm SunTx Capital Partners will sell six Texas television stations from portfolio company London Broadcasting Company (LBC) to NYSE-listed Gannett for $215 million, according to a statement.

LBC owns and operates media properties including 28 channels in seven markets serving nearly 10 million Texans. SunTx helped form the company in 2007 by investing from its $230 debut fund that closed in 2004 and its $256 million Fund II that closed in 2010. The sale is expected to close this summer.

“In a very short span of only five years, we and our partners at SunTx have established LBC as a leading operator of middle-market broadcasting television stations in the state of Texas,” Terry London, president of London Broadcasting, said in a statement.

SunTx will retain an ownership stake in LBC following closing of the transaction.

SunTx invests in established mid-market companies with enterprise values between $50 million and $150 million, primarily in the southern US. The firm targets businesses in a variety of sectors, such as manufacturing, communications and technology, and food and beverage, and has invested more than $600 million since its founding in 2000.