PRN Acquires indoorDirect; Shuts Down Dallas HQ
January 17, 2012 by Dave Haynes
Premier Retail Networks has done what is billed as a joint venture but is, in reality, an acquisition and takeover of Dallas-based indoorDIRECT, which through its Restaurant Entertainment Network has screens in some 1,200 major brand QSRs in the United States.
All the Dallas staff, where indoorDirect was based, have been bingo’d.
Says the release:
Under the agreement, PRN will take a 50% equity position in the joint venture, in exchange for an undisclosed capital investment. The remaining 50% of the joint venture is owned by a number of investors, with Syncom Venture Partners as the largest. A portion of the investment will be used to further expand the network’s national footprint, increasing the number of dining locations to 2,500 by mid-2012.
PRN will also take over management of all advertising sales, programming and network operations, while indoorDIRECT will contribute a host of assets, such as its brand name, existing dining venue agreements, technology infrastructure and other related agreements, and personnel. indoorDIRECT programming currently appears in a number of leading quick-service restaurants, including certain Taco Bell, Wendy’s, Denny’s, Carl’s Jr., Hardee’s and Arby’s locations.
The joint venture builds upon the strategic alliance between PRN and indoorDIRECT announced in October 2009, when PRN began providing national and regional advertising sales services for The Restaurant Entertainment Network.
“Dining is a fast-growing, key category in digital place-based media, and indoorDIRECT is the leader in this market segment,” said Ahmad Ouri, president of PRN. “This is a tremendous opportunity to further accelerate its growth, and PRN has the power and the experience to support this expansion.”
“We value our successful relationship with PRN, and this commitment will help us further expand our platform, reach more diners, and provide marketers a more effective way of reaching consumers throughout the day,” said indoorDIRECT’s Rutman.
“We are very excited about the possibilities,” said Duane McKnight, senior partner, Syncom Venture Partners. “This venture solidifies the company’s growth prospects and ensures that indoorDIRECT will quickly become a leading advertising and promotional platform within the digital place-based advertising sector.”
PRN, itself the subject of years of speculation about being for sale, does digital place-based media services in some 8,550 locations in the U.S. and Mexico. Its venues include: Acme Markets, Albertsons, Associated Food Stores, BJ’s Wholesale Club, Costco, Jewel-Osco, Meijer, Pathmark, Sam’s Club, Shaw’s, ShopRite, Star Market, Target, Walmart Stores and Walmart Mexico. Through advertising sales relationships with Retail Entertainment Design and indoorDIRECT, PRN also represents the in-venue networks located in Fred Meyer and Fry’s Marketplace retail stores, and in QSR.
The consolidation that has been blabbered about for a along time is definitely in full swing now. Selling media is no easy task no matter your platform, and the digital OOH companies that will make it and prosper will do so by getting big enough to get noticed, and then proviong what they do moves whatever needles need to be moved.