TITAN WORLDWIDE ANNOUNCES RECAPITALIZATION
Titan Receives Capital Infusion to Support Growth Plan
NEW YORK, October 25, 2005 – Out-of-Home advertising industry leader Titan Worldwide (“Titan” or the “Company”) announces the recapitalization of the Company and receipt of a substantial capital infusion to support Titan’s growth plan. Welsh, Carson, Anderson & Stowe (“WCAS”), a New York-based private equity firm, led the transaction and provided the financing which was used to buyout former Titan shareholders, including majority holder, Catterton Partners, as well as provide new equity capital to the Company. “We are very excited about this transaction and the confidence WCAS has shown in our management team and our business plan. WCAS has made a nine figure investment in Titan and they are prepared to invest a significant amount of additional capital to help us expand our business”, said Donald R. Allman, Chief Executive Officer of Titan Worldwide. “We have valued our association with Catterton Partners during our early years of development and we look forward to the continued growth of Titan Worldwide”. Wells Fargo Foothill continues as lender to the company, by means of operating capital/letters of credit facility as well.
About Titan Worldwide
Titan Worldwide is a full service Out-of-Home Advertising company providing sales, marketing, and maintenance of transit, billboard, wallscape, telephone kiosk, street banner, and construction bridge advertising.
Founded in 2000 by industry veterans, Titan Outdoor’s team of market specialists furnish our clients with creative media solutions in the top national markets, including New York, New Jersey, Los Angeles, San Francisco, Philadelphia, Seattle, Boston, and Orange County. We are dedicated to providing outstanding products and unparalleled service.
About Welsh, Carson, Anderson & Stowe (WCAS)
WELSH, CARSON, ANDERSON & STOWE (“WCAS”) is one of the largest and most successful private equity investment firms in the United States. WCAS was founded in 1979 and has organized 14 limited partnerships with total capital over $14 billion. WCAS is currently investing Welsh, Carson, Anderson & Stowe IX, L. P. (“WCAS IX”), a $3.8 billion equity fund, and is raising its tenth equity fund, which has over $2.0 billion of committed capital to date. WCAS also supports its portfolio companies with a $1.3 billion dedicated subordinated debt fund, WCAS Capital Partners IV, L.P.
WCAS’ investment activity is focused in the information & business services and healthcare industries. WCAS’ strategy is to buy growth businesses in these industries and build value through both internal growth and acquisitions. Since inception, WCAS has invested in over 135 companies in our core industries and has funded over 650 follow-on acquisitions. Across all WCAS Partnerships, the current portfolio consists of twenty-two companies with combined revenues of $14 billion and EBITDA of $3 billion.
About Catterton Partners
With more than $1.2 billion under management, Catterton Partners is a leading private equity firm in the U.S. focused exclusively on the consumer industry. Catterton’s combination of investment capital, strategic and operating skills, and network of industry contacts has enabled it to become the most sought after private equity firm in the consumer sector. Catterton considers investments across a number of targeted consumer-industry “verticals”: Food and Beverage, Retail and Restaurants, Consumer Products and Services, and Media and Marketing Services. Catterton’s unique combination of value-added resources has resulted in the creation of numerous market leading companies, such as Build-A-Bear Workshop, PF Chang’s China Bistro, Baja Fresh, Farley’s & Sathers Candy Co., Titan Outdoor, Pharmaceuticals Holdings, Inc., Gold Coast Beverage Distributors, Odwalla, Inc., Wellness Pet Food, and Kettle Foods. Since being founded in 1990, Catterton has had one of the strongest investment track records in the consumer industry. More information about the firm can be found on its website www.cpequity.com.
For more information please visit the Titan Worldwide home page at : www.titanoutdoor.com