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Balance Point Capital Partners Announces its Investment in Digity Media
Balance Point Capital Partners Announces its Investment in Digity Media
March 04, 2014 | Balance Point News

Balance Point Capital Partners is pleased to announce its investment in Digity Media, LLC (“Digity”). Balance Point Capital Partners provided $5 million of Senior Subordinated Notes to facilitate Digity’s acquisition of NextMedia Operating Inc. (“NextMedia”).

Based in Palm Beach, Florida, Digity owns and operates commercial radio stations throughout the United States. Digity was formed by the consolidation of Palm Beach Broadcasting, LLC and GoodRadio.TV by Garrison Investment Group and Mr. Dean Goodman. On a consolidated basis, Digity will operate 63 radio stations in fifteen clusters across eleven states, which include Suburban Chicago, Coastal Carolinas, Suburban Dallas and San Jose. The Company primarily operates FM stations with select AM assets. Digity’s stations represent a variety of formats addressing a broad spectrum of audiences.

The acquisition of NextMedia will add 33 radio stations in seven markets: Chicago, San Jose, Greenville- New Bern-Jacksonville, Canton, Saginaw, Myrtle Beach and North Dallas. Palm Beach Broadcasting has four stations all in the Palm Beach area and GoodRadio has 26 stations in three markets in Iowa and eight markets in Missouri. The consolidated assets of Digity will make the company among the top ten radio broadcasters by number of stations.

“Balance Point Capital continues to partner with strong management teams in the radio broadcasting space and we look forward to working with Dean Goodman and his team” said Seth Alvord, Managing Partner of Balance Point Capital. “Digity’s acquisition of NextMedia will greatly expand its national footprint from both a financial and operational standpoint.”

Balance Point Capital Partners invests mezzanine and equity capital in select lower middle market companies. Since 1988, the firm and its predecessor funds have invested in over 75 distinct businesses. Balance Point Capital Partners takes a long-term, partnership approach to investing and are committed to building lasting relationships with private equity sponsors, management teams and intermediaries. Balance Point targets companies with EBITDA between $2 million and $25 million and typically invests $5 million to $20 million per transaction. Balance Point Capital Partners is based in Westport, CT.