Quass' NRG Finds New Radio Investor
Specific financial details could not be disclosed, however Mary Quass' NRG Media announced today that investors Waitt Company and McCarthy Capital have agreed to sell their stake in the company to funds affiliated with Cyrus Capital Partners. Cyrus is a New York-based, privately held investment manager. Quass said, “Our current equity partners have been incredible allies: outstanding, solid investors in our organization. The opportunity that Cyrus Capital offers NRG is a partnership that not only offers us stability for the future but allows us the potential to expand our footprint into new markets.”
McCarthy Capital partner Bob Emmert said, “McCarthy Capital has enjoyed its partnership with NRG Media and the Waitt organization. Working with and supporting the NRG management team’s vision to grow the business from a few markets into a leading operator of local radio stations has been a great experience, and we wish the management team and company continued success in the future.”
As part of the transaction, the current NRG Media management team will remain a significant owner and operator of the company. NRG Media currently operates 45 radio stations in Iowa, Nebraska, Wisconsin, and Illinois, and was formed in 2005 by a merger of New Radio Group, LLC and Waitt Media, LLC. NRG Media is based in Cedar Rapids, Iowa.