Two Omaha investors, Waitt Co. and McCarthy Capital, have agreed to sell their equity stake in NRG Media LLC, a Cedar Rapids-based radio station group, to funds that are affiliated with Cyrus Capital Partners of New York.
NRG Media, 2875 Mount Vernon Rd. SE, owns and operates 45 radio stations in Iowa, Nebraska, Wisconsin and Illinois. The company was formed in 2005 by a merger of New Radio Group LLC and Waitt Media.
Waitt Co. is an investment company with holdings in private and public companies, alternative investments and real estate. McCarthy Capital is a private equity firm, with offices in Boston, focused exclusively on lower middle-market companies.
As part of the transaction, the existing NRG Media management team will remain a significant owner and operator of the company.
“The opportunity that Cyrus Capital offers NRG is a partnership that not only offers us stability for the future but allows us the potential to expand our footprint into new markets,” said Mary Quass, president and chief executive officer of NRG Media.
Cyrus Capital Partners invests in companies based in North America and Europe with a focus on both asset protection and attractive returns.
The fund had assets of $3.5 billion under management on Oct. 1.