APN Outdoor is the leading outdoor advertising operator in Australia and New Zealand.


APN Outdoor is the leading outdoor advertising operator in Australia and New Zealand. The business commands market share of 27% in the Australian outdoor advertising industry and 34% market share in New Zealand. Outdoor categories include billboards, transit, rail and airports.


Quadrant was attracted to APN Outdoor due to its market leading position in the outdoor advertising sector, premium sites in Australia and New Zealand, high barriers to entry with long term contracts, attractive industry growth and multiple growth opportunities
 Our investment thesis focused on rollout of new billboards, enlargement and improvement of existing billboard sites (including digitalisation), expansion into new precincts including airport and retail and winning new contracts
Quadrant initially entered into APN Outdoor via a 50/50 joint venture with its parent APN News and Media in May 2012 before acquiring APN’s remaining stake in January 2014. Earnings increased more than 50% from $27.8 million EBITDA in FY2012 to $43.3 million in FY2014 (forecast of $53.7 million in FY2015)

  Quadrant achieved a number of operational and structural improvements including:
  • Significantly investing in the roll-out and conversion of billboard sites into digital billboard sites
  • Upgrades of static inventory – targeted upgrades into bundled LUX packages
  • Driving industry implementation of innovative products – Digital Xtrack, mobile technology, LUX packages
  • Won a number of new contracts and successfully renewed all existing contracts up for renewal over the investment period
  • Investment in expanding operational and financial teams to accelerate growth