Waitt Company and McCarthy Capital are on their way out and Cyrus Capital Partners is on the way in at radio group NRG Media LLC. Current management led by Mary Quass will remain on duty after the transition.
NRG owns and operates a 45-station radio group serving the Midwestern portion of the United States. The company is based in Cedar Rapids IA and claims Omaha NE as its largest market.
Terms of the deal were not revealed.
Reflecting on the growth and stability of NRG Media, Norman Waitt, and Chairman of NRG said, “Mary Quass and her team have done an exceptional job operating the company over the past eight years. Our organization was proud to be their partner in this company, and we wish them continued success going forward.” Quass stated, “Our current equity partners have been incredible allies: outstanding, solid investors in our organization,” Quass said. “The opportunity that Cyrus Capital offers NRG is a partnership that not only offers us stability for the future but allows us the potential to expand our footprint into new markets.”
Today, NRG is a leader among radio station groups, with a goal of broadening reach into new regions. “McCarthy Capital has enjoyed its partnership with NRG Media and the Waitt organization,” said Bob Emmert, partner at McCarthy Capital. “Working with and supporting the NRG management team’s vision to grow the business from a few markets into a leading operator of local radio stations has been a great experience and we wish the management team and company continued success in the future.”
The boilerplate on Cyrus: “Cyrus Capital is a New York based, privately held investment manager. Cyrus Capital invests throughout the capital structure of companies based in North America and Europe with focus on both asset protection and attractive returns.”