BancBoston Capital, the private equity subsidiary of BankBoston Corp., said last week that it has contributed half of a total $12 million equity investment it led in an outdoor advertising company.

The private equity unit provides financing such as venture capital, equity sponsorship, co-investments, and mezzanine finance for companies with $10 million to $500 million of revenues.

The bank's $6 million investment in PNE Media Holdings, a new consolidator of small outdoor advertising companies, was matched by co- investor Alta VI Communications.

The infusion of equity backs PNE's acquisition of seven billboard and transit advertising companies in markets including Charlotte, N.C.; Baltimore; New Jersey; and Pennsylvania.

"We are extremely confident in management's ability to grow the business," said Lars Swanson, vice president with BancBoston Captial, said in press statement.

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