The name Perot is plenty familiar in the wider world of business, but it is about to take a bigger role in radio.
Petrus Holding Company LP — the “private business holding vehicle” of the Perot Companies — said it has made an investment and “joined with management” to acquire Connoisseur Media, the Connecticut-based owner of 42 radio stations in 12 markets. A Petrus company official referred in the announcement to the “enduring importance of radio.”
Ross Perot Jr., is chairman of the Perot Companies (and elder son of the entrepreneur most familiar to the general public). Jeffrey Warshaw is CEO of Connoisseur Media. “The existing management team will continue to operate the stations, with Petrus as their financial partner,” the companies stated.
Perot was quoted saying his company’s investment “will allow Connoisseur to continue investing in its people while ensuring it can remain prudently-financed, locally-focused and innovative.” Petrus Holding Company President Steve Blasnik said,“We believe in the enduring importance of radio, which continues to be the media with the greatest reach among adults.”
“It is important for us to have a partner who shares our values and supports our long-term growth strategy,” Warshaw was quoted saying in the announcement, which did not put a dollar value on the agreement.
Connoisseur noted that it has expanded rapidly over several years, and emphasized its strength in the media markets surrounding New York City.
The stated mission of Petrus Holding Company is to partner with “exceptional management teams to own leading middle-market companies across a broad range of industries.” The firm highlights its “deep permanent capital base” that allows it to “act as a flexible, patient investor with a sole focus on long-term value creation.”
