Vinyl Group Signs $5M Deal to Acquire Digital City Guide Concrete Playground

Vinyl Group Signs $5M Deal to Acquire Digital City Guide Concrete Playground

By Marcus Delano Thompson

December 12, 2024 at 11:56 PM

Vinyl Group has announced plans to acquire Concrete Playground, a digital city guide platform covering events in Sydney, Melbourne, Brisbane, Auckland, and Wellington, for $5 million.

Concrete Playground logo on black background

Concrete Playground logo on black background

The acquisition terms include:

  • $3.5 million in cash payment
  • $1.5 million in shares (12,676,413 ordinary shares at $0.11833 per share)
  • 12-month share escrow period
  • $300,000 held in escrow for potential claims

Key Business Impact:

  • Concrete Playground's current annual revenue: $4+ million
  • Expected pro-forma EBITDA: $1.5 million
  • Anticipated completion: No later than February 28, 2025
  • Will accelerate Vinyl Group's path to positive cash flow by 6 months

Leadership Changes:

  • Rich Fogarty, Concrete Playground's Founder & CEO, will depart after the transition
  • The platform will integrate into Vinyl Group's media division

Josh Simons, Vinyl Group CEO, emphasized the strategic fit: "They've built a trusted platform that audiences genuinely love, and their approach to storytelling will be a natural fit with our broader media strategy."

Rich Fogarty reflected on the milestone: "This milestone reflects the talent, creativity, and dedication of our team, along with the trust of our readers and partners. I'm confident their vision and resources will elevate Concrete Playground to new heights."

The deal remains subject to standard conditions, including due diligence completion, necessary approvals, and no material adverse changes before completion.

Morgan Wallen DUI guilty plea photo

Morgan Wallen DUI guilty plea photo

Band performing on concert stage

Band performing on concert stage

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