Blackstone Makes Majority Investment in Out-of-Home Advertiser New Tradition

Blackstone Inc., through funds managed by Blackstone Tactical Opportunities, has acquired a majority stake in New Tradition Media, an out-of-home media operator.

Financial terms of the deal were not made available.

Founded in 2010, New York-based New Tradition develops, owns and operates digital and static signage for national brands and advertising agencies. It manages advertising assets such as One Times Square in New York City and the Reef in Los Angeles.

The partnership with Blackstone will help fuel New Tradition’s growth and looks to drive its network of real estate and advertising relationships. The company’s management team, including co-founder and CEO Evan Richheimer, Bret Richheimer, Vince Mastria and Lu Cerda, will continue to run operations and remain significant equity holders.

“We’re thrilled to partner with Blackstone, whose track record of scaling founder-led businesses and significant real estate expertise, will enable New Tradition to accelerate the expansion of our footprint and continue to provide cutting edge out-of-home advertising solutions to new and existing clients,” said Richheimer.

Moelis & Company LLC served as a financial advisor to Blackstone, and Weil, Gotshal & Manges LLP served as a legal advisor to Blackstone. Solomon Partners served as a financial advisor to New Tradition, and Lowenstein Sandler LLP served as a legal advisor to New Tradition.