Client Description
Based in Dayton, OH, PRN Corp. is an out-of-home video advertising-networking provider that has been operating for over 30 years. The company installs and manages a network of purpose-built hardware and software, including custom displays, interactive experiences, enterprise-level CMS programmatic ads, and proprietary analytic tools in over 6,000 retail locations in the United States.While PRN runs the most highly visible digital retailing operation, it is not a technology company. It is a content creation and marketing company. PRN uses a combination of off-the-shelf and custom applications to run its digital sign network.
The Winning Solution
At the time of the sale, the majority of the company’s revenue came from Wal-Mart. Wal-Mart needed a massive upgrade to their network. The estimate is that it would have cost PRN $120 million to upgrade the Wal-Mart network and they were not in a financial position to do so. The principals of Genoa Partners ran a strategically focused sellside process meant to deliver a buyer with deep financial pockets as well as the industry expertise to onboard PRN and provide them with the overhead they needed to grow. As such, Thomspon stepped in and purchased PRN for $285 million, which represented a near 26X earnings multiple at the time.
Buyer Description
Based in Stamford, CT Thomson Corporation is one of the world’s largest information and media conglomerate companies in the world. In 2008, it purchased Reuters Group to form Thomson Reuters.
