Springfield-based Pioneer Outdoor announced the divestment of its assets.
Lamar Advertising Co. (Nasdaq: LAMR) purchased the assets, which include 140 out-of-home advertising displays, according to a news release. The financial terms of the deal were undisclosed.
“It has been gratifying to work alongside my dad as we built Pioneer into a regional leader in the out-of-home industry,” said Stuart Lipscomb, company president and son of Managing Member Larry Lipscomb, in the release. “We have had terrific customers, great partners and an amazing team that have made our growth possible. We know our clients will be in good hands with Lamar, and we look forward to working with them to ensure a smooth transition.”
With the sale, Pioneer Outdoors’s vice president of sales, Jeff LaRocca, is joining the team at Lamar. The Baton Rouge, Louisiana-based company has an office in Springfield at 6926 W. Carnahan St.
Tucson, Arizona-based Drachman M&A Co. represented Pioneer Outdoor in the deal, through which 100 static panels and 38 digital bulletin panels stretching from Springfield to Kansas City and east to St. Louis are transferring to Lamar, according to the release.
The deal marks the second between the Lipscomb family of Pioneer and Lamar, with the first completed 24 years ago, according to the release.
In 1998, Larry Lipscomb and his father, Jack, sold Pioneer Group’s billboard displays to Lamar. Thirteen years later, Larry and Stuart Lipscomb reentered the industry with Pioneer Outdoor.
Mercy Springfield Communities is replacing its Mercy Clinic Family Medicine – South Creek building, located at 2711 S. Meadowbrook Ave., with a new building that is 1,500 square feet larger.