Petrus Holding, part of the Dallas based Perot Company led by Ross Perot Jr. is teaming with current Connoisseur Media management to acquire the company.
No terms of the deal were released. Jeffrey Warshaw will remain CEO of Connoisseur Media and its 42 stations. The company’s growth has been focused lately on what it calls the “Golden Ring” surrounding New York City with clusters in Hartford, New Haven, and Fairfield County CT, Long Island NY, Trenton NJ, and Allentown and Stroudsburg, PA. Connoisseur also owns stations in Billings MT, Bloomington IL, Erie PA, and Wichita KS.
Petrus Holding Company, LP, a Perot Company, has joined with management to acquire Connoisseur Media, one of the nation’s fastest growing media companies. Based in Westport, Connecticut, Connoisseur operates 42 radio stations and digital assets in 12 markets across the U.S. The existing management team will continue to operate the stations, with Petrus as their financial partner.
“We are very excited to partner with The Perot Companies to continue our focused and disciplined growth strategy,” said Jeffrey D. Warshaw, CEO of Connoisseur Media. “It is important for us to have a partner who shares our values and supports our long-term growth strategy.”
Connoisseur has expanded rapidly over the last several years and maintains a strong presence in the “Golden Ring” media market surrounding New York City, including Long Island, Connecticut and New Jersey.
“Connoisseur is known for its commitment to research, promotion, investment in our local staffs and products, and creative solutions for our clients. We will be continuing that commitment,” said Warshaw.
“The Perot Companies and Connoisseur share common values, an entrepreneurial culture and a long-term approach to operating and building world-class companies,” said Ross Perot, Jr., Chairman of The Perot Companies. “Our investment will allow Connoisseur to continue investing in its people while ensuring it can remain prudently-financed, locally-focused and innovative.”
“We believe in the enduring importance of radio, which continues to be the media with the greatest reach among adults,” said Steve Blasnik, President of Petrus Holding Company.
“We jumped at the opportunity to invest with the most innovative management team in the business, a team that knows how to win. Connoisseur has done an excellent job establishing a strong geographic presence in a competitive industry, and we look forward to helping them expand that reach.”