KEY TAKEAWAYS:
- Lamar Advertising completes first-ever UPREIT deal in billboard industry
- Verde Outdoor contributes 1,500 billboard faces across 10 states
- Acquisition expands Lamar’s reach in Midwest, Southeast, Mid-Atlantic
- UPREIT structure offers tax-efficient model for future deals
In a landmark transaction in July, Baton Rouge-headquartered Lamar Advertising Co. acquired Tempe, AZ-based Verde Outdoor using the first-ever UPREIT deal in the billboard industry. Rather than opting for cash or stock, Verde contributed more than 1,500 billboard faces, including 80 digital displays across 10 states, to Lamar Advertising Limited Partnership (“Lamar LP”) in exchange for common partnership units in Lamar LP.
These UPREIT (Umbrella Partnership Real Estate Investment Trust) units mirror Lamar’s public shares in value and dividends, and can be converted into common stock. But unlike traditional deals, the UPREIT structure allows Verde’s owners to defer taxes.
Lamar CEO Sean Reilly described the transaction as a strategic milestone that could pave the way for further expansion. “We expect this UPREIT structure to become a template for future acquisitions with owners who want to diversify their asset bases in a tax efficient manner.”
The acquisition significantly expands Lamar’s footprint across the Midwest, Southeast, and Mid-Atlantic regions, while also establishing a new precedent for M&A in the fragmented out-of-home media sector. The introduction of the UPREIT model gives Lamar a scalable and tax-savvy framework to attract future partners—especially those seeking a blend of liquidity and long-term equity participation.
Lamar, founded in 1902, is a powerhouse in the outdoor advertising industry. The company’s approach to growth combines three elements – construct more billboards; convert static, or traditional, billboards to digital; and acquire the competition. The company has more than 360,000 displays across the U.S. and Canada, of which more than 5,000 are digital. It has operated as a REIT for 20 years. Trailing twelve-month revenue through June 30, 2025 was $2.23 billion, according to Pitchbook.
Two other Louisiana public companies also announced acquisitions in July.
Investar Strengthens Texas Footprint in $84M Wichita Falls Merger
Investar Holding Corporation, parent company of Investar Bank, entered into a definitive agreement to acquire Wichita Falls Bancshares, the holding company for First National Bank in North Texas, in a cash-and-stock deal valued at approximately $83.6 million.
The acquisition will bring $1.5 billion in assets, seven branches, and two mortgage offices into the Investar platform, boosting its total assets beyond $4 billion and establishing a firm foothold in the North Texas region. To support the deal, Baton Rouge-based Investar raised $32.5 million through a private placement of convertible preferred stock, strengthening its capital base for this and future growth initiatives.
CEO John D’Angelo described the deal as “more than a strategic move; it’s a powerful alignment of values and purpose,” he said, emphasizing how the merger broadens Investar’s Texas presence while maintaining its community banking mission.
Pending shareholder and regulatory approvals, the transaction is expected to close in the fourth quarter of 2025.
b1BANK Expands North Louisiana Reach with Progressive Bank Merger
Business First Bancshares Inc., the parent company of b1BANK, announced a definitive all-stock agreement to acquire Monroe-based Progressive Bancorp Inc. and its subsidiary Progressive Bank, a strategic move that deepens b1BANK’s presence across North Louisiana.
The acquisition will add nine branches and approximately $752 million in assets to b1BANK’s footprint, bringing total assets to about $8.5 billion. Progressive shareholders will receive roughly 3.05 million shares of Business First common stock, representing an estimated 9.3% ownership in the combined entity.
A statement by Baton Rouge-based b1BANK says that the deal will position it to hold the top deposit market share among Louisiana-based banks, further solidifying its role in an increasingly competitive regional banking landscape. The transaction will also position b1BANK to take advantage of the economic development expected in Northeast Louisiana from Meta’s $10 billion AI-optimization data center. The bank has seen much of its recent growth in Texas, which accounted for nearly 31% of deposits and 41% of loans at December 31, 2024.
The Progressive deal is expected to close in early 2026.
G.F. Gay Le Breton is managing director for Chaffe & Associates Inc., responsible for the corporate finance activities of the firm. Mitch Murray is a corporate finance analyst with the firm. Investment banking services are provided by Chaffe Securities Inc., member FINRA/SIPC. For more information, visit http://chaffe-associates.com.
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