Equistone-backed Talon acquires Out of Home Masters

Equistone Partners Europe (“Equistone”), today announces that it has supported its portfolio company, Talon, the global independent Out-of-Home (OOH) media agency, with the acquisition of Out of Home Masters, the largest independent OOH specialist in the Netherlands. The transaction is the third announced by Talon since Equistone invested in the business in 2022. The financial terms of the transaction remain undisclosed.

Founded in 2015 by Frank Hardenberg - former Managing Director of Wall Netherlands, CBS Outdoor and Exterion Media – Amsterdam-based OOH Masters has grown to become a major player in the Dutch OOH market. With an established presence across the Netherlands, Belgium, and Luxembourg, the agency delivers innovative, data-driven campaigns for renowned brands and agencies such as Havas Media, Talpa Radio & TV, Hunkemöller, Coolblue, Enterprise, and Tony Chocolonely. 

Headquartered in London with offices in Dubai, Dublin, Frankfurt, Manchester, New York, San Diego, Nashville and Singapore, Talon works with global brands to deliver innovative media solutions for OOH at global, national and regional levels. Since investing in the business in 2022, Equistone has worked closely with the Talon management team on executing an ambitious growth plan, which has focused on consolidating its leading position in the UK, growing its share in the US market and investing heavily in technology to capitalise on the rapidly growing programmatic OOH market. The acquisition of Out of Home Masters follows the acquisitions of Novus Canada and Evolve in 2023 and provides Talon with an important foothold in the attractive Benelux market. 

Paul Harper at Equistone said: “Since 2022, we have worked closely with the Talon management team on implementing and pursuing an ambitious buy-and-build strategy. This latest acquisition represents another important milestone for this strategy, which, in combination with accelerated investment into technology and talent, is focused on cementing Talon as the global leader in Out-of-Home advertising.”

Tristan Manuel at Equistone added “OOH Masters provides access to the highly attractive Dutch OOH market which benefits from high programmatic adoption and provides a bridgehead for Talon to expand into the broader Benelux region.”

Sue Frogley, Global CEO of Talon, said: “OOH Masters has been a valued partner in our international network for several years, so this acquisition is a natural next step. Frank and his team have built an exceptional business with a strong reputation for delivering innovative, data-driven solutions in one of Europe’s most dynamic OOH markets. Their expertise and vision align perfectly with our strategy, and together, we’re well-positioned to drive even greater value for our clients and growth across the region.”