Gladstone Capital Invests $12 Million in InStore Audio Network
Gladstone Capital Corporation announced that it invested $12 million in POP Radio LP (d/b/a as InStore Audio Network). Gladstone Capital, together with Alta Communications and certain of POP Radio’s limited partners, provided debt financing to POP Radio to support its acquisition of In-Store Broadcasting Network, Inc. (IBN).
InStore Audio Network, managed by Jeff Shapiro and Gary Seem, is now the largest advertiser-supported in-store audio network in the U.S., broadcasting to over 33,000 grocery, drug and mass merchandiser stores. The acquisition of IBN, previously the second largest advertiser-supported in-store audio network in the U.S., brings over 14,500 grocery and drug stores throughout the country to InStore Audio Network. InStore Audio Network is based in Salt Lake City, UT.
“Gladstone Capital is excited about supporting InStore Audio Network and Alta in this investment. The combination of POP Radio and IBN into InStore Audio Network creates the largest national in-store audio network for advertisers to reach customers at the point of purchase,” said Chip Stelljes, president of Gladstone Capital.
“We are thrilled to assist InStore Audio Network, as well as Jeff Shapiro, Gary Seem, and Alta with this acquisition. We are looking forward to working with them as they continue to expand this proven advertising model,” said Dave Meier, Managing Director of Gladstone Capital.
Gladstone Capital is a publicly traded business development company that invests in debt securities consisting primarily of senior term loans, second term lien loans, and senior subordinated term loans in small and medium-sized U.S. businesses.