Mayfair exits Talon in SBO to Equistone

Ero Partsakoulaki
07 July 2022

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Consumer and technology investor Mayfair Equity Partners has agreed to fully exit portfolio company Talon Outdoor to Equistone; the companyтs management will retain a meaningful stake.

The transaction, subject to customary closing conditions, is set to support the UK-based Out-of-Home (OOH) advertising agency in its international growth efforts and accelerate investment into technology, according to a press release.

Equistone is investing its sixth buyout fund, which held a final closing at its EUR 2.8bn hard cap in March 2018. The fund invests EUR 40m-EUR 250m in Benelux and Western European countries – especially France, Germany, Switzerland and the UK – targeting lower mid-market companies with enterprise values typically between EUR 50m-EUR 500m, according to Unquote Data.

The sponsor has recently launched the Equistone Reinvestment Fund, with a mandate to make minority re-investments alongside new sponsors following a portfolio company exit from one of its main buyout funds.

Equistone's investment will support the continuation of Talon's global expansion through further M&A and investment in new territories. The deal extends the GP's track record of investing in marketing services businesses, having invested in global marketing agency adm Group last October and realised its majority stake in global marketing technology and services provider Inspired Thinking Group in March.

Mayfair originally invested in Talon via its maiden Mayfair Equity Partners I Fund, which held a final close for on its GBP 400m hard-cap, according to Unquote Data.

Since Mayfair's investment in March 2017, Talon has grown its team to over 200 employees across London, New York, Nashville, Frankfurt, Singapore, Dubai and Dublin. It has completed four strategic acquisitions, including Grandesign, a US independent OOH media agency headquartered in San Diego, and strengthened its management team by hiring a new Chairman, CEO, CFO and CTO. During ownership, the company significantly expanded its presence in North America.

Company
Founded in 2012, Talon Outdoor is a global independent Out of Home (OOH) media agency and technology services company focused on delivering smarter, creative, data-driven integrated OOH communications. The company offers global OOH planning and buying network, covering 100 markets internationally, across the US, Europe, Asia and Latin America, via its campaigns and proprietary advertising technology platforms. Headquartered in London with additional offices in Dubai, Dublin, Frankfurt, Manchester, Nashville, New York and Singapore, Talon delivers expertise at the global, national, regional, and local levels.

People
Equistone − Paul Harper (partner), Chris Candfield (director), Tristan Manuel (investment director).
Talon Group − Barry Cupples (CEO).
Mayfair − Daniel Sasaki (managing partner).

Advisers
Equistone − Raymond James (corporate finance), Travers Smith (legal), KPMG, OC&C, PWC.
Mayfair & Talon − GP Bullhound; Highstead Partners (corporate finance), Goodwin Procter (legal), RSM, PWC, CMS.