Raycom Media Invests $125M in PureCars in its Largest Digital Acquisition to Date
Cambridge, MA - November 10, 2015 - Progress Partners, a Boston and New York-based corporate M&A advisory firm is pleased to announce that it has advised Raycom Media in its acquisition of PureCars. Nick MacShane and Rick Gallagher, Managing Directors for Progress Partners advised the buy-side deal for Raycom Media in the transaction for this milestone-first significant digital media acquisition for the television broadcaster.
Raycom Media's acquisition of PureCars bridges the gap between digital and traditional advertising and revolutionizes the way TV and digital advertising work together to serve the automotive industry.
Raycom Media is one of the nation's largest privately held broadcasters and operates 51 television stations in 38 markets across 19 states, covering 13.2 percent of U.S. television households. PureCars is one of the largest and fastest growing digital advertising platforms for the automotive industry used by thousands of dealers, dealer groups, local marketing associations and agencies across the country. With this investment in digital, Raycom will support the growth of PureCars' digital expertise, along with their broadcast expertise, to uniquely provide dealerships with a complete advertising strategy that transcends mediums and reaches the right customer.
Nick MacShane, Senior Managing Director at Progress Partners said, "We are pleased to have advised on this milestone acquisition for Raycom Media and one of the largest acquisitions in the automotive tech industry to date. With just $10 million in venture funding raised and a nearly 1,400 percent growth over three years, the traditional media giant confidently invested in the digital startup to bridge the gap between broadcast and digital advertising."
PureCars will operate as a separate unit under its current management team within Raycom Media and maintain its development campus in Atlanta and offices in Charleston, S.C. and Milwaukee. The combination will allow for a cohesive platform that unifies traditional and digital advertising across television, desktop, tablet and mobile.
Raycom Media President and CEO Paul McTear said, "Progress Partners' talent, transactional experience and value added perspective was instrumental in shepherding this strategic opportunity with PureCars. They have a keen understanding of the advertising technology market and knew that PureCars was a strategic fit for us and the future of our company."
Jeremy Anspach, Founder and CEO of PureCars said, "The Progress Partners team helped immeasurably in our understanding of how the Raycom opportunity could not only be good for our shareholders in the near-term, but also good for the PureCars team long-term. We see a real opportunity here to bridge the television-digital divide and believe this deal will be a model for success for others to follow."
About Progress Partners:
Progress Partners is a Boston and New York-based corporate advisory firm serving the marketing and media technology, and software sectors. Progress Partners works with buyers and sellers of high growth companies to complete M&A transactions, private placements, develop and implement strategic growth plans and obtain capital. The firm's high standards of excellence, deep industry experience, extensive network, and entrepreneurial background give Progress Partners the ability to build and realize superior value for its clients. Over the last 12 months, Progress Partners has completed 8 transactions. For more information please visit: www.progresspartners.com.