OUTFRONT CFO Matt Siegel says the company is looking at tuck-in acquisitions.  Here is a selection of Siegel’s comments at yesterday’s Deutsche Bank 29th Annual Leveraged Financing Conference

The Boston and New York transit markets are recovering

Boston is similar to New York in that there is a return to school effect…that’s been beneficial.  Wash DC…the federal government hasn’t returned to work.  That’s been a slower recovery…San Francisco…we haven’t seen much movement there.

OUTFRONT is doing tuck-in acquisitions

We’re doing a bunch of tuck-ins.  We’re focused on some of our larger markets…nothing too large.  We’re generally using cash…We knocked on a lot of doors in mid 2020…We think we are ready to be on offense.  Haven’t found anything that’s too large.  There’s a number of digital portfolios with an emphasis on New York and LA…at the right price…they’d be great for us.

On who’s buying assets

The industry is seeing private equity money come in…they recognize the durable asset…I’m also seeing the usual suspects and some of the smaller boutique firms with private equity support.

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