Johnsen, Fretty & Company Research
Advisory Approach
Johnsen, Fretty & Company (JFC) is the premier investment banking firm exclusively serving the out-of-home (OOH) media industry. Founded in 1993, JFC has completed more than 400 media transactions with aggregate deal volume exceeding $4.0 billion, making it the most active M&A advisor in the outdoor advertising sector. The firm's thesis is that specialized expertise matters: by focusing exclusively on OOH media—billboards, digital signage, place-based advertising, and alternative out-of-home formats—JFC delivers superior outcomes for sellers who need advisors who understand the unique economics, valuation metrics, and buyer landscape of the billboard industry.
Sector Focus
JFC's practice is 100% concentrated on out-of-home media across all its subsectors. The firm has completed transactions spanning traditional bulletin displays, digital billboards, transit advertising, street furniture, place-based networks, experiential media, and emerging digital OOH formats. Their professionals have advised on deals involving over 1,500 billboard faces in single transactions and have represented sellers ranging from family-owned operators with a few dozen displays to multi-regional platforms with hundreds of locations across dozens of states.
Deal Track Record
JFC's transaction history is unparalleled in the OOH industry. Recent representative transactions include:
- Verde Outdoor Media to Lamar Advertising (2025) — industry-first UPREIT transaction with over 1,500 billboard faces across 10 states
- Colossal Media to Lamar Advertising (2021) — hand-painted wall mural specialist in New York, LA, Chicago and other major markets
- Avery Outdoor to Verde Outdoor Media (2022) — 900-face Midwestern operator spanning Iowa, Nebraska, South Dakota and Minnesota
- Marquee Media assets to Lamar Advertising (2022) — Sacramento digital and static bulletin portfolio
- Independent Outdoor Network asset swap (2017) — complex multi-market transaction involving several hundred displays across Wisconsin, South Carolina, Tennessee, Georgia, Illinois and Missouri
- Multiple Adams Outdoor acquisitions (2025-2026) — strategic tuck-in acquisitions in Charlotte, Virginia, Pennsylvania, Michigan, and the Carolinas
The firm's team brings over 80 years of combined investment banking experience to media transactions, with managing directors having each advised on 200+ transactions. Beyond M&A, JFC provides debt and equity financing advisory, strategic partnership consulting, and fairness opinion services. Clients have included owner/operators, financial institutions, sponsors, and publicly traded corporations.
Process & Fee Structure
JFC runs institutional-quality sell-side processes tailored to the OOH industry. Typical engagement structure includes a retainer (credited against success fee) with market-based success fees aligned to transaction value. The firm's process emphasizes exhaustive buyer outreach to the complete universe of strategic and financial buyers in OOH media, leveraging proprietary databases and relationships developed over 30 years of sector-exclusive practice. Deal timelines typically range from 6-12 months from engagement to close, depending on transaction complexity and market conditions.
Buyer Network
JFC maintains the most comprehensive buyer network in the OOH industry. Strategic acquirers like Lamar Advertising, Adams Outdoor, Clear Channel Outdoor, and Outfront Media regularly engage JFC-represented sellers. The firm's private equity buyer network spans OOH-focused platforms like Verde Outdoor, Ace Media, and independent sponsors seeking billboard platforms. JFC principals have completed transactions with over 200 different buyers across the OOH landscape, giving them unmatched intelligence on buyer appetite, valuation metrics, and deal structures.
Competitive Positioning
JFC's differentiation is absolute focus: they do not serve any industry other than out-of-home media. This specialization creates three competitive advantages: (1) proprietary industry intelligence and comparable transaction data that generalist firms lack, (2) deep relationships with every active OOH buyer developed over 30+ years of sector-exclusive practice, and (3) ability to navigate industry-specific complexities like UPREIT structures, tax-deferred exchanges, and regulatory considerations unique to billboards. The firm has completed more OOH transactions than any other investment banking advisor and is regularly quoted as an industry authority in Billboard Insider, OOH Today, and other trade publications.
Not a Fit If
JFC typically declines engagements outside the out-of-home media industry. Sellers should consider alternatives if their business is not fundamentally an OOH media operator (billboards, digital place-based networks, transit advertising, or related formats). The firm is also not a fit for sub-$5 million TEV transactions, as their process and expertise are optimized for mid-market deals.
Team
The JFC team consists of four experienced professionals with over 80 years of combined investment banking experience: James E. Johnsen (Managing Director), Steven D. Fretty (Co-Founder and Managing Director), Gabriel P. Oliverio (Managing Director), and Cameron Marcou (Senior Associate). Managing directors each hold 200+ transactions experience and all principals are registered representatives of StillPoint Capital, LLC. The firm maintains a lean, senior-heavy model with founders directly involved in every transaction.
Geographic Coverage
JFC serves clients across North America from its Stamford, Connecticut headquarters. The firm's transaction footprint spans the United States, Canada, Mexico, and Puerto Rico, with particular depth in markets where outdoor advertising consolidation has been most active: Southeast, Midwest, Mid-Atlantic, Texas, and California. Recent transactions have involved assets in over 30 states.