IPrint Digital acquires National Outdoor Advertising
Creative agency IPrint Digital Jamaica Limited has snapped up a big and older rival in the advertising market, National Outdoor Advertising Limited, or NOA.
The deal to acquire 100 per cent of NOA from a foreign company called Fundamental LLC was finalised on Tuesday, but the terms of the transaction were not disclosed. JMMB Securities Limited acted as financial advisers to IPrint Digital.
NOA is a 50-year-old company specialising in signs, equipment and supplies, and is currently run by General Manager and CFO Karen James. Its services include large-format printing, vehicle graphics, identity signage, event display and printing. James said the combined operations would have more than 800 display "faces" across Jamaica, in a release announcing the acquisition.
IPrint is a 12-year-old company that is also engaged in signage production. Its founding partners are Richard Bair, Chairman Stephen Steele, Solomon Sharpe, Newton Barnes and Managing Director Katrina Kelly.
The companies said Wednesday in the joint release that aspects of the businesses will merge, but they would continue to operate under their separate brands. Kelly told the Financial Gleaner that it would be business as usual.
"We are operating two separate entities and we look forward to the synergies it brings," added Steele.
Efforts to ascertain the size of the combined entities were rebuffed.
"The stakeholders fundamentally chose to divest their holdings of NOA to an organisation they felt would continue it's legacy and drive growth," said Kelly. "We are not prepared to disclose the details of the purchase price or assets."
The combined operations now employ 120, with no adjustments expected to the current team. The plan is to expand in Jamaica. "With well over 800 advertising faces across the island, this provides the platform for growth in both physical and digital OOH," said James.
Digital OOH, or out-of-home advertising, is said to be a cost-effective way for promoting or marketing a brand or product using billboards and displays.
"As we see it, this union is the perfect merger, where competencies of outdoor media, print and fabrication converge under one umbrella," James said.