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Universal Outdoor To Acquire Revere National

CHICAGO, Nov. 25 /PRNewswire/ -- Universal Outdoor, Inc. (Nasdaq: UOUT), a leading outdoor advertising company, announced today that it has entered into a definitive agreement to acquire all the outstanding stock of Revere National Corporation, a privately held outdoor advertising company based in Baltimore. The transaction will be a stock purchase totaling approximately $125 million, including the assumption of certain liabilities and approximately $4 million in working capital. The transaction is expected to be completed within 60 days, and it will be financed by drawing on an existing bank credit facility.

Revere has outdoor advertising displays in Philadelphia, Washington, D.C., Wilmington, Delaware, Salisbury, Maryland and Baltimore, with a total of more than 6,100 display faces. Universal management expects Revere to generate approximately $34.5 million in revenue during 1996, with pro forma EBITDA estimated at $12.7 million.

"We believe the acquisition of the Revere assets affords us an excellent opportunity to establish a significant presence in prime East Coast markets," said Dan Simon, President and Chief Executive Officer.

Universal Outdoor, Inc. is a leading outdoor advertising company. Prior to this acquisition, the company operated approximately 21,100 advertising display faces in 14 Midwestern and Southeastern markets.

SOURCE Universal Outdoor, Inc.
 -0- 11/25/96

/CONTACT: Brian Clingen, Chief Financial Officer, of Universal Outdoor, 312-644-8673, or Larry Stein, General Information, of The Financial Relations Board, 312-266-7800/


CO: Universal Outdoor, Inc. ST: Illinois IN: ADV SU: TNM

JS-CS -- CLM007 -- 3476 11/25/96 08:16 EST
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Publication:PR Newswire
Date:Nov 25, 1996
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