New York-based Trimaran Capital Partners has formed alternative media and advertising platform company Brite Media Group with an initial commitment of $40 million (€31 million).
In conjunction with the launch, Brite Media has acquired BriteVision Media, which produces and distributes advertising via coffee sleeves, which are used for insulating the outside of cups too hot too carry.
Pacific Merchant Capital will also be a significant investor in Brite Media, which will be chaired and led by Bruce Friedman, the founder and head of Pacific Merchant.
According to Trimaran managing director William Phoenix, his firm sees great potential in the out-of-home advertising sector, which involves ad placements on non-standard media, such as newspapers and television, excluding billboards. For example, Phoenix said Trimaran had already partnered with Friedman on advertising companies that targeted bus shelters and taxi tops.
Phoenix anticipates that, along with Pacific Merchant, the final commitment to Brite Media may approach $50 million. Only a portion of the initial $40 million was used in the BriteVision acquisition, he added.
Trimaran has completed more than 60 investments since 1995 and is currently investing out of Trimaran Fund II, which has committed capital of more than $1 billion. Recent investment included Educational Services of America, which provides day school services for children with special needs, and Urban Brands, a specialty apparel retailer that focuses on urban and ethnic customers.
Phoenix points out that though a number of his firm’s portfolio companies happen to be consumer facing, Trimaran has a diversified investment strategy overall.