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Welsh Carson recaps advertising outfit

Welsh Carson Anderson & Stowe recapitalised Titan Worldwide, investing in a deal that will allow existing investor Catterton Partners to cash out of its five year investment.

New York-based Welsh Carson Anderson & Stowe led a recapitalisation of outdoor advertising outfit Titan Worldwide, in a deal that will buyout Titan’s original investors, including Catterton Partners, and also bring fresh equity into the business.

Titan Worldwide: the company behind New York’s banner ads

No terms of the deal were disclosed, although in a prepared statement, Titan chief executive Donald Allman characterised the investment as a “nine-figure” transaction.

Catterton Partners was among the founding investors in Titan Outdoor. William Apfelbaum, who is listed as a venture partner on Catterton’s Web site, is credited with founding Titan in a past press release. Apfelbaum currently sits as the chairman of the board at Titan. 

Speaking to Welsh Carson’s investment, Allman suggested that the firm could also be expected to make follow on investments in the company. “They are prepared to invest a significant amount of additional capital to help us expand our business,” he said in a statement.

Welsh Carson is currently investing out of its $3.8 billion, ninth fund, Welsh Carson Anderson & Stowe IX LP. The firm’s tenth fund, meanwhile, is currently in the process of being raised, and the firm has so far amassed $2 billion of capital for the new vehicle.

Wells Fargo Foothill continues to serve as a lender to Titan, according to the press release.

During its ownership, Catterton was integral in the company’s growth. The firm installed much of its management team, and financed acquisitions of Outdoor Concepts (in 2001), Outdoor Media Group USA (in 2002) New York City Telecommunications Company (also in 2002) and the New York assets of PNE Media (in 2003).

Calls to Catterton and Welsh Carson were not returned by press time.