Vinyl Group finalises Concrete Playground acquisition

Vinyl Group has completed its acquisition of digital lifestyle publisher Concrete Playground, continuing the expansion of its media and advertising business.

The deal, which includes $4.06 million in cash and $1.5 million in Vinyl Group shares, gives Vinyl additional presence in the digital publishing landscape across Australia and New Zealand.

Vinyl said Concrete Playground, known for its city guides in Sydney, Melbourne, Brisbane, Auckland and Wellington, generated $4.1 million in revenue last year. Vinyl Group CEO Josh Simons said the acquisition was a milestone in the company’s expansion strategy.

"This acquisition strengthens our media division and unlocks new opportunities for our advertising partners, all while accelerating our timeline to sustained profitability. We’re excited to welcome the team to Vinyl Group and look forward to unleashing our potential together," he said via a statement.

Under the terms of the deal, Vinyl Group acquired 100% of Concrete Playground’s issued capital, with a $500,000 portion of the cash consideration placed in escrow for 12 months as security.

The final cash outlay for Vinyl Group, accounting for working capital adjustments, is expected to be $3.28 million.

Concrete Playground’s founder and CEO Rich Fogarty will depart the business following the transition.

"Selling Concrete Playground is bittersweet, but I couldn’t be more excited for what comes next. What started as a passion project has grown into a leading digital publisher, thanks to an incredible team and a loyal audience who share our love for discovering great experiences," Fogarty said.

"With Vinyl Group now at the helm, Concrete Playground is in excellent hands. Their scale, expertise, and vision will open up new opportunities, ensuring the brand continues to thrive and evolve."