McCarthy Capital Sells Stake in NRG Media, LLC

Cedar Rapids, IA – October 8, 2013 – NRG Media LLC announced today that Waitt Company and McCarthy Capital have agreed to sell their stake in NRG Media, LLC to Cyrus Capital Partners, a New York based private investment fund. As part of the transaction, the current NRG Media management team will remain a significant owner and operator of the company.

Reflecting on the growth and stability of NRG Media, Norman Waitt, and Chairman of NRG said, “Mary Quass and her team have done an exceptional job operating the company over the past eight years. Our organization was proud to be their partner in this company, and we wish them continued success going forward.”

During Waitt and McCarthy’s era as partners, NRG continued to expand and outpace competitors in profitability. “The NRG Media management team and McCarthy Capital were great partners to have in this investment,” said John Schuele, President of Waitt Company.

Today, NRG is a leader among radio station groups, with a goal of broadening reach into new regions. “McCarthy Capital has enjoyed its partnership with NRG Media and the Waitt organization,” said Bob Emmert, partner at McCarthy Capital. “Working with and supporting the NRG management team’s vision to grow the business from a few markets into a leading operator of local radio stations has been a great experience and we wish the management team and company continued success in the future.”

NRG will be included in one of Cyrus Capital Partners $3.3 billion key investment funds. “This investment confirms support of NRG’s key value which is to offer great local radio to our listeners. It also emphasizes our groups’ commitment to deliver digital products where our listeners are, making radio relevant to a changing audience,” Quass said.

Typically, Cyrus Capital Partners has invested in many distressed and over leveraged companies designed for turnaround. However, by including NRG Media in its portfolio mix, Cyrus is using a financially strong company to complement the existing investments in the rest of its fund offerings.

In looking toward the future, Quass stated, “Our current equity partners have been incredible allies: outstanding, solid investors in our organization,” Quass said. “The opportunity that Cyrus 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.”


About Waitt Company
Waitt Company is an Omaha based investment company with holdings in private and public companies, alternative investments, and real estate.

About McCarthy Capital
McCarthy is an Omaha-based private equity firm, with offices in Boston, focused exclusively on lower middle-market companies. For more than 25 years, the McCarthy organization has been partnering with founders, families and exceptional management teams to support the growth of their companies. For more information about McCarthy, please

About Cyrus Capital Partners
Cyrus Capital Partners, LP is a New York based privately held manager of investment funds. Cyrus Capital was attracted to management’s strong performance in variable economic environments, NRG Media’s strong cash flow generation and the deep presence within the local communities that it serves and looks forward to a long-term partnership with management.

About NRG Media
NRG Media was formed in 2005, by a merger of New Radio Group, LLC and Waitt Media, LLC and is based in Cedar Rapid, Iowa.