Breakwater Provides Follow-On Acquisition Financing into L&L Broadcasting

Growth capital fund backs Portland-based radio broadcasting company in successful $30 million acquisition of eight radio stations in San Antonio, Texas.

LOS ANGELES, February 2014 – Breakwater Management, LP(“Breakwater”) is pleased to announce that it has provided follow-on acquisition financing to portfolio company L&L Broadcasting, LLC (“L&L”), out of its Breakwater Structured Growth Opportunities Fund. Based in Los Angeles, Breakwater is a private investment firm that specializes in direct investments in leading middle market growth businesses.

L&L has successfully acquired a cluster of eight radio stations located in and around San Antonio, Texas from Border Media Business Trust, LP (“Border Media”) for $30 million, partly through the follow-on acquisition financing provided by Breakwater. The radio stations purchased from Border Media include KJXK, KLEY, KSAH-AM, KSAH-FM, KTFM, KTSA, KZDC, and KHHL.

“We are extremely pleased to have brought the Columbia YMF Media cluster into the L&L footprint,” said radio veteran Larry Wilson, Chairman at L&L. “With a heritage market leader like WWDM, ‘The Big DM,’ there is untold potential for growth. Once again, we greatly appreciate the effort and flexibility of Breakwater in helping to facilitate the acquisition of this important radio station cluster, which is the second largest in the region.”

“We have acquired a great cluster of radio stations located in a beautiful market that are operated by a very talented group of people,” said radio veteran Larry Wilson, Chairman at L&L. “We greatly appreciate the assistance and flexibility of Breakwater in helping to facilitate this acquisition. We are excited to add these radio stations to our growing company and look forward to continuing to develop L&L into the next growth leader with a national footprint. ”

Breakwater first provided capital to L&L in May 2013 in its successful $21 million platform acquisition of Triad Broadcasting, consisting of thirty-two radio stations in six separate markets. Following the spin-off of six stations in the Fargo market, L&L went on to acquire a further six stations in Jackson, Mississippi and five stations in Columbia, South Carolina. The purchase of the San Antonio cluster now brings the total number of stations owned by L&L to forty-three.

“We are delighted to be a financial sponsor in L&L’s acquisition of this important San Antonio cluster,” said Saif Mansour, Founding Partner at Breakwater. “Larry Wilson and his management team represent the best in broadcasting, with an exceptional track record in acquiring and operating radio broadcasting assets. We look forward to the possibility of providing further acquisition capital for future targeted opportunities.”

Prior to L&L, Larry Wilson founded Citadel Communications in 1984, starting with only two radio stations. In 2001, Citadel Communications was sold to Forstmann Little with over 200 stations for $2.1 billion. Larry and his team are now looking to repeat their previous remarkable success under the L&L platform.


Breakwater Management ( is a private investment firm that specializes in direct investments in lower middle market growth businesses. The firm serves as General Partner of Breakwater Credit Opportunities Fund, LP, a $250 million open-ended private investment partnership organized in August 2008 under Delaware law. The Fund’s investment objective is to generate both current income and capital appreciation through secured debt investments accompanied with equity participation rights, primarily in growth-oriented companies across a variety of industries.

If you would like to know more about Breakwater, visit or call (424) 777-4000.

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