DEAL OF THE YEAR – $50 MILLION – $250 MILLION
BUYER: OXFORD ROAD
SELLER: VERITONE ONE
DEAL TEAM: Alvarez & Marsal; Canaccord Genuity; Cascadia Capital; DLA Piper; Insignia Capital; Oxford Road; Plural Strategy; Ranger Advisors; Sheppard Mullin
This was a unique transaction with Oxford Road based in LA, acquiring a larger division of a public company Veritone. The strategic significance was that the combination created the largest independent podcast agency in the US. The podcast market is a fast-growing niche where Oxford Road CEO Dan Granger and the Oxford Road team stand as pioneers and leaders in helping large companies understand and navigate the complex podcast space and drive clearer ROI from leveraging podcast media. The most substantial challenge in this deal was to find the right private equity partner who would back Oxford Road, a private company, to acquire the larger competitor division of a public company, and to then navigate the right management and operational framework to bring the two companies together and successfully integrate them. Insignia Capital was the optimal partner as they understood the industry and were value-add to Oxford Road both on the deal and operational side. While it can be complicated enough to close one transaction, they were able to close both transactions creating the leading independent entity in the space. The Oxford Road team is a thought leader in the space, regularly hosting CMOs and other Clevel executives in roundtable discussions on the podcast industry, which is a less understood, newer and dynamic niche that many executives do not leverage effectively. This combination created an LA-based powerhouse in the podcast space that now has deeper and broader national coverage of enterprise clients and together achieved the next level of leadership position.
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