SAN JUAN, Puerto Rico – Out of Home Media, LLC ("OOHM" or the "Company"), the 2nd largest out-of-home advertising operator in Puerto Rico, announced that the Company has been acquired by Hello Media, LLC ("Hello Media"). OOHM's operations included 94 advertising displays, including 70 digital displays, predominantly located in the San Juan metro area.

OOHM was owned and operated by GFR Media, LLC (“GFR Media”), the leading operator of media assets in Puerto Rico.

The President of the Board of Directors of GFR Media, María Eugenia Ferré Rangel, assured that, “the transaction will contribute to strengthening the company's focus on its digital strategy, with unique resources and offers in the market.” She added that "the alliance reinforces the strategic value that GFR Media will offer our advertisers with an 85% growth in digital billboards in a total of 104 locations."

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“Likewise, our family business will continue to diversify the portfolio of industries we have entered through our business journey. There are new opportunities that are being evaluated and the injection of capital allows us to venture into other projects,” said Ferré Rangel.

With the acquisition, Hello Media doubles the locations available to serve its clients, including digital, fixed and mesh billboards, strategically located throughout Puerto Rico. Such reach, according to its executives, makes Hello Media the outdoor advertising company with the greatest coverage on the entire island. Hello Media will now have a total of 104 locations, 130 digital displays and 50 fixed and mesh displays.

“We are very excited about this acquisition as, for us, it represents an important step in strengthening our brand and our market share,” said Rafael Moreno, CEO and founder of Hello Media.

Moorgate Securities acted as exclusive financial advisor to GFR Media and OOHM in connection with the transaction.

GREENVILLE, SC.--(IPS)--IPS, North America’s leading solution provider for electromechanical equipment, rotating equipment, and power management systems, has acquired Lighthouse Global Energy. Based in Abilene, Texas, the company is an OEM wind turbine parts supplier and manufacturer with in-house engineering, testing, and repair expertise.

The acquisition strengthens IPS services in utility-scale renewable energy power generation, with more resources for the expanding wind power market in West Texas. Lighthouse operations will join forces with the IPS network of renewables service centers, field service teams, distribution centers, and warehouses.

“My colleagues and I are excited about becoming part of IPS,” said Ruben Guerrero, President of Lighthouse Global Energy. “IPS combines unique single-source capabilities for wind power with scale — which we want to align with. Renewable Energy is our future, and acquisitions like the one today make our industry stronger. We’re proud to add our distribution relationships, engineering, manufacturing, and services to the IPS North American network.”

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“Lighthouse is a strategic and important acquisition for IPS’s customer offering. It brings to IPS a broad and deep people talent combined with inventory not supported by IPS today,” said Jason McDonald, Senior Vice President, Renewables Business. “The addition of Lighthouse exemplifies IPS’s commitment to building an offering of technical services that support the needs of wind and solar customers across North America. IPS and Lighthouse’s combined inventory and knowledge will help us respond, rethink, and resolve challenges that few providers can.”

Moorgate Securities acted as the exclusive financial advisor to Lighthouse Global Energy in connection with the transaction.

MONACO/AUGUSTA, Ga.--(MONACO LIFE)--After 20 years’ ownership under American-based Morris Communications, local station Riviera Radio has been sold to Reg Grundy Media.

The English radio station, with its studios in Monaco, has been broadcasting throughout the south of France for 35 years. Two decades of that has been under the ownership of Morris Communications, a long-running family-owned company in the United States that has incorporated a vast number of print, radio and television media brands throughout the globe.

“It has been an honour for our family to serve the residents and visitors to your magnificent part of the world,” said William Morris III, Chairman of the Board, Morris Communications Company, in the statement. “We wish the Reg Grundy Media continued success in the operation of this unique property and extend our gratitude to those Riviera Radio employees who assisted our family there for many years.”

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Riviera Radio Managing Director and shareholder Paul Kavanagh announced the sale in a statement on Thursday, adding that he will maintain his positions within the company.

Reg Grundy Media was formed from the Reg Grundy Organisation, an Australian-based multinational mass media company primarily involved in television as a production company, but also in distribution and licensing. Reg Grundy himself is most commonly associated with long-running hits Neighbours and Wheel of Fortune, but together with his wife and business partner Joy, the pair created and owned more than 160 top rating television series and movies, produced in over 76 countries.

Today, Reg Grundy Media is headed by Joy Chambers-Grundy, who will join the board of Riviera Radio. “We are most honoured and delighted to become part-owners of the unique Riviera Radio, a station I have listened to multiple times in the past. I am excited by this amazing acquisition, just as I know my beloved husband, Reg would be,” said Joy Chambers-Grundy, who has owned and been involved in a variety of media businesses, including more recently the Monaco Streaming Film Festival, which brings international media professionals to Monaco.

SAN FRANCISCO--(NEWSWIRE)--Moorgate Capital Partners, LLC ("Moorgate") is pleased to announce that Chuck Wiebe has joined the firm as a Managing Director in its New York office.

Wiebe is a seasoned investment banker and investor with over 25 years of experience serving clients in the telecom, media, and technology ("TMT") sectors. Prior to Moorgate, he acted as a Managing Director and member of the Broadband team in the Technology Group of Houlihan Lokey, which had acquired his predecessor firm MVP Capital. Previously, he co-founded and was Managing Director of BIA Capital Strategies, an independent investment bank, and co-founded and was a General Partner of BIA Digital Partners, a TMT-focused mezzanine investment firm.

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Michael Alexander, one of Moorgate's founding partners, commented, "Chuck is a great fit for Moorgate. Our firm is committed to achieving outstanding results for our clients and Chuck’s extensive investment banking and investing experience, strong track record, and deep industry knowledge and relationships in communication services will augment our efforts to successfully grow our business."

"I've admired Moorgate's expansive range of advisory services and its transaction execution. I am delighted to join a firm with such a strong culture, reputation, and momentum. The firm works to earn the right to become, and continue to be, the trusted, independent advisor to a select group of clients," Wiebe stated.

Chuck’s Contact Information: Email: chuck.wiebe@moorgatepartners.com (M) 703.625.6016 (O) 212.554.3895

AUGUSTA, Ga.--(OOHTODAY)--Azalea Outdoor, LLC ("Azalea Outdoor" or the "Company"), a subsidiary of Azalea Investments, LLC ("Azalea Investments") of Augusta, is pleased to announce that the Company has acquired BeStill Displays, LLC ("BeStill"). BeStill's operations include 22 digital, 32 static and 23 mini-LED faces in Augusta, GA and Aiken, SC.

Azalea Outdoor is owned by the Morris family who previously owned Fairway Outdoor. The purchase of BeStill expands Azalea Outdoor’s footprint in the Augusta and Aiken markets. The BeStill assets, combined with the Company’s existing locations, will give Azalea Outdoor greater scale and coverage in market to better serve its clients.

“We are extremely delighted that Azalea had the opportunity to become involved with BeStill. This acquisition allows us to better serve our customers and positions Azalea Outdoor for continued growth,” said Will Morris, Managing Partner of Azalea Investments.

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Chris Withers, President and owner of BeStill, will become President of Azalea Outdoor. Withers has a long history in the industry having started his career in 1998 with Lamar and later with Bressler, Prodigy, and Insite MediaCom. He founded BeStill in 2009 and has developed many premier static and digital assets in the Augusta market.

“We are thrilled to have someone with Chris’ leadership and expertise join our team. We believe the outdoor advertising industry has a bright future, and we plan to continue growing this business,” said Derek May, president of Azalea Investments.

Moorgate Securities acted as exclusive financial advisor to Azalea Outdoor in connection with the transaction.

MISHAWAKA, Ind.--(GLOBE NEWSWIRE)--Schurz Communications, Inc. (“Schurz”) announced today that it has completed the acquisition of Ohio-based fiber provider, The New Knoxville Telephone Company ("NKTelco").

NKTelco is the sixth broadband business to join the Schurz portfolio that also includes a variety of cloud, digital, and advertising holdings. Schurz’ other regional broadband operations are: Antietam Broadband (Hagerstown, MD), Burlington Telecom (Burlington, VT), Hiawatha Broadband (Winona, MN), Long Lines Broadband (Sergeant Bluff, IA), and Orbitel Communications (Maricopa, AZ).

“Schurz’ acquisition of NKTelco helps to extend our broadband footprint across the country and furthers our mission of uniting people through communications services,” said Todd Schurz, President and Chief Executive Officer, Schurz Communications, Inc. “NKTelco is fully dedicated to providing the best possible communication services for its customers. We are beyond pleased to welcome NKTelco into the Schurz family and we look forward to supporting the business which will continue to be managed, serviced, and operated locally.”

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NKTelco offers data, voice, and video services to residential and business customers in communities located throughout West Central Ohio. The company will continue to operate under the NKTelco brand and be managed locally in New Knoxville, OH.

“We are excited about our next chapter with Schurz Communications,” said Preston Meyer, General Manager of NKTelco. “The added support will enable us to more quickly expand our regional fiber network and add new services for our customers. And we are thrilled that the partnership also means expanded opportunities for NKTelco employees and greater involvement within our local communities.”

With the closing of the transaction, Schurz became an owner of NKTelco’s 4.5% investment in Com Net, Inc. (“CNI”), an Ohio-based communications company, which will enable greater connectivity throughout the state. Financial terms of the transaction were not disclosed.

Moorgate Securities acted as exclusive financial advisor to Schurz Communications in connection with this transaction and Barnes & Thornburg served as legal advisor.

SAN FRANCISCO--(BUSINESS WIRE)—Moorgate Capital Partners, LLC (“Moorgate”), a middle market merchant bank focused on the technology, media, and communications industries, is pleased to announce the sale of one of its portfolio companies, Telescope Inc., the leading provider of real-time fan engagement solutions for live events, gamified second screen experiences and interactive livestreams, to Bally’s Corporation (NYSE: BALY).

Telescope’s first-in-class products and services will amplify the Bally’s Interactive, Bally Bet and Bally Sports brands, enabling viewers and players to have an integrated experience that allows them to engage on a multitude of platforms and channels, including online and offline. By delivering customized and interactive content, as well as deeply engaging social experiences, Telescope will connect with Bally’s customers in innovative ways, providing opportunities for Bally’s to attract a younger demographic and augment its loyal customer base. In addition, Telescope provides industry-leading voting solutions via social, online and SMS; sweepstakes, and contests to rewards fans; content creation services; live streaming with custom graphics for all mediums; and campaign management tools that optimize audience engagement.

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“It was a pleasure to work with the team at Moorgate. Not only did they partner with us to find our equity partner H.I.G., but they also co-invested and provided real leadership and insight while on our board,” commented Telescope Executive Chairman Jason George.

Telescope powers immersive mass-scale participation initiatives across any digital device with record-breaking results, delivering numerous 'firsts' in the industry. Telescope holds six Guinness Book of World Records, and has won 39 Shorty Awards, four Clio Awards, and a handful of Emmy nominations. Telescope was also honored to be named the 2021 Agency of the Year (Mid-Sized) by Shorty Awards.

Dallas--(CBRE GROUP, INC.)--CBRE Group, Inc. (NYSE: CBRE) today announced the acquisition of Union Gaming, a leading boutique investment bank and advisory firm focused exclusively on the global gaming sector.

Union Gaming, based in Las Vegas, offers investment banking services, including public debt and equity underwriting, M&A and strategic advisory, as well as gaming sector thought-leadership through its sector-leading research.

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“Union Gaming fortifies CBRE’s position as a leader in the fast-growing global gaming sector,” said James Scott, Managing Principal, CBRE Capital Advisors. “We are excited to add to our investment-banking depth through the addition of Union’s talented professionals, deep relationships across the gaming sector and public-market capabilities.”

Union Gaming’s employees and CBRE’s existing Las Vegas-based gaming investment sales team led by Michael Parks will form a combined global gaming team. Bill Lerner, Union Gaming’s Co-Founder, will serve as CBRE’s Global Head of Gaming Investment Banking.

“We built Union Gaming on our singular commitment and belief in the long-term prospects for the gaming sector,” said Mr. Lerner. “Whether it’s the realization of casinos’ underlying real estate value, evolution of new gaming formats and technology, expansion of gaming in Asia, or recent surge of sports and online gaming, there is no better partner to continue our commitment to this next chapter of the business than CBRE.”

Founded in 2008, Union Gaming has offices in Las Vegas and Hong Kong.

Moorgate Securities acted as exclusive financial advisor to Union Gaming in connection with the transaction.

SANTA MONICA, Calif.--(GLOBE NEWSWIRE)--Leaf Group Ltd. (NYSE: LEAF) (“Leaf Group” or the “Company”), a diversified consumer internet company, announced that it has closed it’s previously announced sale to Graham Holdings Company (NYSE: GHC) ( “Graham Holdings”), a diversified education and media company, for $8.50 per share in cash, valuing the Company at approximately $323 million.

The $8.50 per share paid in the transaction, which was unanimously approved by the Leaf Group Board of Directors, represents a premium of approximately 21% to the closing price of Leaf Group common stock on April 1, 2021, the last trading day prior to the announcement, and a premium of approximately 35% to the 90-day volume weighted average trading price of $6.30 per share.

Sean Moriarty, Chief Executive Officer of Leaf Group, said, “We could not be more pleased to be joining forces with an organization with such a rich history and shared commitment to excellence. Together, we look forward to continuing to build on the strong momentum Leaf Group generated over the past year, with the additional resources and expertise of Graham Holdings helping us further grow the reach of our young brands and innovate for our customers, creators and audiences.”

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Timothy J. O’Shaughnessy, Chief Executive Officer of Graham Holdings, said, "At Graham Holdings, we look for businesses that can prosper under our ownership and Leaf Group's collection of marketplace and media brands make for a growing company that can do just that. We're thrilled to partner with Sean and his team and look forward to driving profitable growth at Leaf Group."

It is anticipated that Sean Moriarty, Chief Executive Officer of Leaf Group, and other key members of Leaf Group’s senior management team will continue in their roles.

Moorgate Securities LLC acted as lead financial advisor and Goodwin Procter LLP acted as legal counsel to Leaf Group. Covington & Burling LLP acted as legal counsel to Graham Holdings.

NEW YORK--(BUSINESS WIRE)--Altice USA (NYSE: ATUS) today announced it has entered into a definitive agreement to acquire the assets of Morris Broadband, LLC (“Morris Broadband”). The transaction will expand Altice USA’s footprint in North Carolina, where it already has a presence with its Suddenlink business, and implies an enterprise value of $310 million total for the Morris Broadband business on a debt-free and cash-free basis. Following this acquisition, North Carolina will represent the sixth largest state for Altice USA out of its 21 states of operations in terms of number of residential customers, demonstrating the Company’s commitment to invest heavily in the region with additional resources and network investments.

Morris Broadband is a rapidly growing broadband communications services company providing high-speed data, video and voice services to approximately 36,500 residential and business customers in western North Carolina. As of December 31, 2020, Morris Broadband passed approximately 89,000 homes throughout growing communities including Hendersonville, Franklin, Sylva, Nebo and West Jefferson with broadband penetration of approximately 35%.

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Dexter Goei, Chief Executive Officer of Altice USA said: “We are very excited to extend Altice USA’s footprint into neighboring communities in North Carolina by acquiring the very fast-growing Morris Broadband. Morris is a perfect fit for Altice as we are accelerating our network expansion with increased investment in edge outs, upgrades of underdeveloped systems and FTTH deployment to drive customer, revenue and cash flow growth. We look forward to providing our high-quality broadband, video, mobile, and news offerings to thousands of additional homes and businesses, with a great opportunity to further penetrate Morris’ existing homes passed and by expanding more into adjacent areas.”

William S. “Billy” Morris III, Chairman of Morris Communications Company, LLC said: “It has been a pleasure for the Morris Family to serve the residents of western North Carolina for the last 12 years. We are confident that Altice will continue to provide superior services to the region.”

As part of Altice USA, Morris Broadband will benefit from enhanced scale, operating efficiencies and further investment support that are at the core of the Altice business model and strategy, including accelerated new homes build. Altice USA’s commitment to innovation, best-in-class services, long-term network investments and customer service creates significant benefits and long-term value for customers, employees and shareholders.

Morris Broadband generated approximately $13 million in Adjusted EBITDA on an annualized basis for the quarter ended December 31, 2020 (“Q4 LQA”). The purchase price represents a multiple of Morris Broadband’s Q4 LQA Adjusted EBITDA of approximately 24.1x before taking into account estimated run-rate synergies. Including the estimated run-rate synergies that Altice USA expects to realize in full within two years of closing the transaction and adjusting for the present value of anticipated tax benefits, the purchase price represents a multiple of projected 2022 Adjusted EBITDA of 7.4x.

Altice USA intends to finance the transaction with available liquidity. The transaction is subject to certain regulatory approvals and other customary closing conditions and is expected to be completed in the second quarter of 2021.

Moorgate Securities acted as financial advisor to Morris Broadband in connection with this transaction.

LONDON--(INPUBLISHING)-- Think Publishing Ltd and Morris Communications Company have announced the merger of Morris Visitor Publications Europe with Wanderlust Publications Ltd. The enlarged company will be renamed Think Travel and will be jointly owned by Think Publishing Ltd and Morris Communications. Think Travel will bring together a portfolio of established inbound and outbound travel and tourism media brands including Wanderlust, Where London, London Planner and Where Paris.

The move offers immediate scale and investment, creating a portfolio of mobile-first, 360-degree media brands, say the companies. The new company will be headed up by Jackie Scully, a specialist in content marketing, audience development, research and publishing strategy who has been at Think for more than a decade. The Morris Visitor Publications team will move from their offices in St James’s to Wanderlust’s offices in Marylebone. The Paris team will continue to operate from 35 rue des Mathurins, 75008 Paris.

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Ian McAuliffe, CEO of Think Travel and Think Publishing Ltd, said: “We see this transaction as an exciting first step towards developing a one-stop shop for both today’s travellers and the travel trade that is data-led and digital-first. We will use the data we gather about our readers/audiences to deliver effective marketing services and branded/content marketing to tourist boards, tour operators and the tourism industry. The research we conduct will also inform future content for our audiences as well as new product development.”

William S Morris III, Chairman of Morris Communications, said: “Today we begin a transformative period for our inbound tourism brands. This merger with Wanderlust and our combined commitment to digital development means we will be well placed to convert these essential tourism brands into industry leaders for the next decade and beyond.”

Lyn Hughes, Founder and Editor-in-Chief of Wanderlust, said: “This is an exciting new chapter for Wanderlust. While we have been at the forefront of travel media for 26 years, there has never been a more stimulating time, as more people than ever are engaged with experiential and meaningful travel, and there are so many more ways we can communicate with them. I look forward to this next journey.”

SPARTANBURG, S.C.--(BUSINESS WIRE)--AFL, an international manufacturer of fiber optic cable, accessories and equipment, and provider of network services, announces the purchase of a majority stake in ITC Service Group, a Sacramento-based company providing services related to fiber optic networks including broadband, outside plant, wireless and workforce solutions.

“AFL and ITC Service Group are built on similar core values which include quality, collaboration and integrity,” explained Jody Gallagher, president and CEO of AFL. “The synergies created by this investment will drive growth and expand our client base across North America.”

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Founded in 1999, ITC Service Group provides managed services and workforce solutions for the nationwide planning design, construction, installation and maintenance of voice, data and video networks. ITC operates four divisions: broadband services including FTTH installation and repair, MDU installations and repair, drop placements and dispatch services; outside plant services including design, construction management, project management, program management, splicing and testing; wireless services and workforce solutions.

“Our investment in ITC will allow us to compete more effectively,” commented Joe Grech, president of AFL’s Network Services division. “As FTTH, 5G capabilities and Smart Buildings continue to progress, we will be equipped to provide the best services available in the industry to our customers. We are confident that Jim Rush, ITC’s newly appointed president, brings to our combined customer base the operational excellence for which ITC is known.

ITC Service Group will continue to operate under its own name and retain some 600 employees across the United States. Affiliates of Moorgate Capital Partners, LLC and Tim Sauer will remain shareholders of ITC. Additional terms of the investment were not disclosed.

NEW YORK--(BUSINESS WIRE)--New Media Investment Group Inc. (“New Media” or the “Company”) (NYSE: NEWM), one of the largest publishers of locally based print and online media in the United States as measured by number of publications, announced today that it has agreed to acquire the newspapers and related assets of Schurz Communications, Inc. (“Schurz”) for $30.0 million.

Schurz is selling ten daily newspapers, which include the highly attractive college towns of South Bend, IN (The South Bend Tribune) and Bloomington, IN (Herald-Times). The group has average daily circulation of 105,000 and Sunday circulation of 94,000 and its websites average over 4 million unique visitors monthly and have over 300,000 social media followers. Additionally, there are nine weekly and fourteen other community publications that have aggregate weekly circulation of 250,000. These assets span Indiana, South Dakota, Maryland, Michigan, and Pennsylvania.

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“We are excited to welcome the Schurz publications and their employees into New Media,” said Michael E. Reed, New Media President and Chief Executive Officer. “After nearly 150 years of ownership, we are honored that the Schurz family has chosen us to steward these papers into the future. They have a long history of strong journalism and community impact and we are excited to build upon their digital efforts with the introduction of our UpCurve products.”

The transaction is expected to close in the first quarter. Moorgate Securities, LLC acted as exclusive financial advisor to Schurz Communications in connection with this transaction.

ANN ARBOR, Mich.--(BUSINESS WIRE)--Online Tech, LLC announced today that it has been acquired by Schurz Communications Inc., a diversified media company. Online Tech plans to leverage the investment capabilities of Schurz to expand to new markets across the United States and expand their product offerings. In connection with the acquisition, Online Tech will add industry veterans, Brad Cheedle and Tom Wilten to its leadership team to serve as the company’s new CEO and CFO, respectively.

Yan Ness, who will step down as CEO of Online Tech, said that the acquisition will benefit Online Tech customers. “This transaction is truly win-win-win. Online Tech gets the perfect capital partners to grow the business and reach more customers than ever before. The Schurz family gets an industry-leading platform to build on and to help diversify their family business. And our clients get a much more capable IT partner who will have a renewed focus on creating exceptional customer experiences.”

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Online Tech currently serves nearly 500 clients across the country with its network of seven data centers and full suite of hybrid cloud services including managed Microsoft Azure, Disaster Recovery as a Service, and Data Protection as a Service. With a focus on security and compliance, their expert engineers support mission-critical applications and their client portal provides a single pane of glass into managing their entire IT systems.

“Online Tech is an incredible company with great forward-looking people and an innovative approach to helping customers migrate to the cloud. Their customer portal is a true differentiator in our industry and provides full visibility to their secure and compliant hybrid cloud and colocation solutions,” said Brad Cheedle.

Online Tech plans to further expand its national footprint, enabling access to secure and compliant hybrid cloud solutions, superior customer support and managed IT services to a broader range of companies.

“Our company is known for patient capital that assists growing companies realize their aspirations. Online Tech represents one of the most exciting opportunities in the cloud market today. The strong and proven management team has ambitious goals in this rapidly growing industry and we are excited to provide the support necessary to achieve them,” said Todd Schurz, CEO of Schurz Communications.

DH Capital served as the exclusive financial advisor for Online Tech.

Moorgate Securities, LLC acted as the exclusive financial advisor for Schurz Communications Inc.

MISHAWANKE, In.--(SCHURZ)-- On October 3, Schurz Communications completed the purchase agreement to acquire Winona-based, Hiawatha Broadband Communications serving communities in Southeast Minnesota. The acquisition is consistent with Schurz’ focus on expanding its broadband operations in communities that are growing and committed to deploying the latest technology with the best service for residents and the business community. The company will continue to be based in Winona and operate under the Hiawatha Broadband Communications name. Pending regulatory approvals, the purchase is expected to close on December 31, 2017.

“HBC has been an integral part of Southeast Minnesota for 20 years, and that’s not going to change. We plan to continue investing in the business and the employees because we know that our success is at the local level where the day-to-day business will be run. On behalf of Schurz, we want to welcome HBC to our family of companies and look forward to growing together,” said Todd Schurz, President and CEO Schurz Communications.

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“The board and management of HBC carefully evaluated whether Schurz was the right company to carry forward the true spirit and intent of what the HBC team has worked hard to create in Minnesota. Schurz believes, as we do, that a good company is actively engaged in and cares about the communities they serve. Schurz focuses on employees and customers and believes that local employees making the day-to-day decisions serve the customer best. We’re pleased to join Schurz as they share our vision of not just what HBC is today but also what we believe HBC can be in the future,” said Dan Pecarina, CEO Hiawatha Broadband Communications.

HBC operates an advanced fiber optic network serving gigabit broadband, feature-rich telephone, and video service with a selection of more than 300 channels, video on demand and extensive local high school and college sporting events produced by HBC Studios. HBC’s data transport network in southern Minnesota connects more than 20 cities to a protected fiberoptic network ring. The company also has wholesale, construction, business consulting and engineering divisions and is the operator of the RS Fiber Cooperative gigabit fiber-to-the-farm project in Minnesota.

NEW YORK--(BUSINESS WIRE)--New Media Investment Group Inc. (“New Media” or the “Company”, NYSE:NEWM), one of the largest publishers of locally based print and online media in the United States as measured by number of publications, announced today that it has agreed to acquire many of the newspapers and related assets from Morris Publishing Group, LLC (“Morris”) for $120.0 million.

New Media is acquiring many of the Morris portfolio of U.S.-based newspaper assets located across Georgia, Florida, Texas, Kansas, Arkansas, and Alaska. New Media is acquiring 79 publications including all eleven dailies, the largest of which are The Florida Times-Union (44,750 daily circulation and 68,591 Sunday circulation), The Augusta Chronicle (26,862 daily circulation and 31,682 Sunday circulation), and the Savannah Morning News (21,588 daily circulation and 26,048 Sunday circulation). In addition to the print publications, the acquisition includes Morris’s Main Street Digital group, substantially all weekly and niche print products and all related websites and digital operations.

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“New Media is very excited to welcome the Morris publications and their employees into our Company,” said Michael E. Reed, New Media President and Chief Executive Officer. “For over 80 years, the Morris family has built and operated an incredible collection of local media assets. We are honored that the family has chosen us to uphold the rich tradition of journalism and innovation they have established. This transaction will expand our footprint into new states and add some very attractive markets to our local media portfolio. We see strong synergies between our two companies and look forward to the value creation opportunity that will exist as we combine the portfolios.”

William S. “Billy” Morris III, chairman of Morris Publishing, will remain as publisher of The Augusta Chronicle and will oversee editorial-page policy for the three Morris newspapers in Georgia. Morris said, “Since 1929, the Morris family has had a great love and passion for journalism and the local communities that they serve. However, every newspaper company in America is battling trends and redirected advertising dollars, so it is necessary for newspapers to be part of a large newspaper group to build and maintain the necessary resources to compete. We are deeply grateful for the many friendships and business relationships we have enjoyed for these many years and look forward to the impact the next generation will make.”

The purchase price is within New Media’s stated acquisition range of 3.5x – 4.5x the seller’s LTM As Adjusted EBITDA. The transaction will be funded with cash on the balance sheet. We expect it to be highly accretive to free cash flow with net synergies of $10-15 million. We expect the transaction to close early in the fourth quarter.

Moorgate Securities and Avondale Communications acted as financial advisors to Morris Publishing Group in connection with this transaction.

CITRUS HEIGHTS, Calif.--(PRNEWSWIRE)-- ITC Service Group ("ITC"), a leading provider of broadband installation, planning, design and staffing solutions to the telecommunications and IT industries, today announced the acquisition of substantially all of the assets of Clear Cell Management, Inc. ("CCM").

The acquisition of CCM allows ITC to become a turnkey provider of services to the wireless telecommunications industry. CCM, with offices in the New York, New Jersey and California, adds new service lines, clients and markets to ITC's rapidly expanding platform of services and locations around the country.

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"I am pleased to announce this strategic acquisition," said Tim Sauer, ITC's President. "ITC has an ongoing growth strategy, and this acquisition is an important part of that plan. CCM is an outstanding addition to the ITC family. In addition to the business they bring to our portfolio, this acquisition allows us to offer the full array of wireless services to ITC's existing telecommunications clients. Rob Bradley, CCM's Chief Executive Officer will serve as Senior Vice President of ITC's Wireless Division, and he brings with him a very talented team of committed professionals. With the upcoming roll out of 5G wireless networks nationwide, ITC is perfectly positioned to support these projects on a large scale, providing both fiber and wireless solutions. I have enjoyed getting to know the entire CCM team, and I look forward to the synergies we will create for our clients in the wireless sector."

"I am excited about this transaction," added Rob Bradley. "As an integral part of the ITC family, we will continue to provide excellent service and support to our wireless clients. With the financial strength and support of ITC, and its owner Moorgate Capital Partners, our combined team will provide even more value to our wireless clients and, at the same time, drive significant expansion of new markets and services. We will be able to strengthen our subcontractor and vendor relationships and also provide employees with more opportunity. I could not be more impressed with the ITC and Moorgate teams, and the emphasis they have placed on our clients and employees throughout the integration process. Our current team will remain in place to ensure a seamless transition for our clients and stakeholders."

CITRUS HEIGHTS, Calif. and NEW YORK--(PRNEWSWIRE)-- Moorgate Capital Partners, LLC ("Moorgate"), a middle market merchant bank focused on the technology, media, and communications industries, is pleased to announce that an affiliate has partnered with management to acquire substantially all of the assets of ITC Service Group, Inc. ("ITC") from its founding shareholders.

ITC is a leading provider of planning, design, installation and maintenance services to the telecommunications and IT industries. Most recently, the company has been focused on designing, installing, maintaining and providing operational management services for fiber–to-the-home networks, an area that is expected to grow dramatically over the next several years as major industry participants deploy significant capital to build and upgrade networks. ITC currently employs approximately 700 people across the United States.

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Tim Sauer, ITC's founder, who will remain an owner and the President of ITC, said "We are excited to partner with Moorgate and leverage their financial and industry expertise in order to accelerate the growth of the company."

"ITC has a strong heritage in the telecommunications industry. With a reputation for quality and innovation, ITC has become a leading service provider to a number of major fiber-to-the-home and broadband operators," commented Michael Alexander, Partner at Moorgate. "We are delighted to be partnering with ITC's experienced management team and look forward to working together to strengthen the company's position in this rapidly evolving industry."

Debt financing for the transaction was provided by Credit Suisse Park View BDC, Inc., QS Capital Strategies L.P. (Quilvest), and California Bank & Trust.

Wollmuth Maher & Deutsch LLP and Davis Polk & Wardwell LLP acted as legal advisors to Moorgate in connection with the transaction. The Independence Group acted as financial advisor and Meissner Joseph & Palley, Inc. acted as legal advisor to ITC.

BOSTON--(BUSINESS WIRE)--H.I.G. Capital ("H.I.G."), a leading global private equity investment firm with $19 billion of equity capital under management, has acquired a portfolio of compensation product offerings, including Salary.com, from IBM Corporation.

Founded in 1999 and headquartered in Wellesley, Massachusetts, Salary.com is a leading provider of reliable information, software, and best practices for compensation professionals. The Company’s product offerings help employers find and analyze detailed, real-time, and accurate information about employee compensation, as well as providing a platform for managing their daily workflow.

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William Nolan, Managing Director at H.I.G., commented, “We are excited to have the opportunity to invest in Salary.com and work with Kent Plunkett and his team as they pursue their goals of both enhancing the Company’s current product offerings and developing new solutions that help consumers and customers make well-informed, data-based compensation decisions. We look forward to supporting the next phase of the Company’s growth.”

“Compensation is complex, and for today’s employers to be successful, they need the tools and data that enable them to simplify the connections between people and pay,” said Kent Plunkett, CEO and the founder of Salary.com. “Salary.com is the most widely recognized and trusted source for employer-reported compensation data to facilitate decision-making around employee compensation. On behalf of the team, we are thrilled to provide our customers with the high-touch service and expertise that they expect in the compensation space.”

Todd Ofenloch, Managing Director at H.I.G., added, “We believe as a standalone, focused business with the resources to grow and expand the product offering, Salary.com is capable of furthering its leading market position and compelling potential customers to select its solutions over competitive offerings or continuing to utilize in-house options.”

Moorgate Partners and Stifel Nicolaus acted as financial advisors and Paul Hastings LLP acted as legal advisor to H.I.G.