NRG Media, LLC announced today that Waitt Company and McCarthy Capital have agreed to sell their stake in the Midwest-based radio station group, to funds affiliated with Cyrus Capital Partners. As part of the transaction, the current NRG Media management team will remain a significant owner and operator of the company.
NRG Chairman Norman Waitt 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."
"The NRG Media management team and McCarthy Capital were great partners to have in this investment," said JohnSchuele, President of Waitt Company.
"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 investment by Cyrus Capital represents a vote of confidence in NRG’s key value, which is to offer great local radio to our listeners. It also emphasizes our groups’ commitment to deliver digital products where our listeners are, making radio relevant to a changing audience," said Quass.
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.
Quass added, "Our current equity partners have been incredible allies: outstanding, solid investors in our organization. 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."