July 15, 2015 – Dallas, TX – 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.”
About Petrus Holding Company
Petrus Holding Company is the private business holding vehicle for The Perot Companies, a family-backed firm with decades of experience investing globally in diversified public and private markets. The Perot Companies, located in Dallas, Texas, is distinguished by a track record of building enduring relationships and market-leading businesses.
Petrus Holding Company partners with exceptional management teams to own leading middle-market companies across a broad range of industries. Representative transactions include management-led buyouts and divestitures, inter-generational transitions, shareholder liquidity provisions for private companies, and other special situations. A deep permanent capital base allows Petrus Holding Company to act as a flexible, patient investor with a sole focus on long-term value creation.
About Connoisseur Media
Connoisseur Media, based in Westport, Connecticut owns and/or operates 42 radio stations and digital assets in 12 markets across the U.S., with a strong presence in the "Golden Ring" around New York City media market. Connoisseur stands on its “3 C’s” – Communities, Clients and Colleagues and works to passionately serve each of its customers and audience. The company owns and/or operates radio stations in the cities of Billings, Montana, Bloomington, Illinois, Erie, Allentown and Stroudsburg Pennsylvania, Wichita, Kansas, Long Island, New York, Trenton, New Jersey, and Bridgeport, Hartford, New Haven and Stamford, Connecticut.