Darby Overseas Investments, Ltd. ("Darby"), the private equity arm of Franklin Templeton Investments, announced that its Darby Latin American Mezzanine Fund, L.P. divested its 37% holding in ISA Corporativo S.A. de C.V. ("ISA"), a leading outdoor media company that manages advertising in subway systems, airports and bus stations throughout Mexico.

Darby first invested in ISA in late 2003 to support the company's growth plan after it won the contract to commercialize the advertising spaces in the Mexico City Metro. Subsequently ISA added the advertising spaces in the subway systems of Guadalajara and Monterrey, and both the terminals and the exteriors of Mexico City's and Toluca's airports, among others, as well as 33 bus stations in major Mexican cities. Today ISA controls approximately 10% of the Mexican outdoor advertising market.

David Hudson, Darby's Senior Managing Director for Latin America Mezzanine, Asia and Global Infrastructure, commented: "ISA is the eleventh exit for Darby's Latin American mezzanine fund and Darby's most successful mezzanine investment in Mexico to date. ISA represents a good example of how Darby's mezzanine investment strategy is helping companies in the region achieve new levels of growth."

Jaime Salinas, the Managing Director responsible for Darby's activities in Mexico, commented: "This transaction is the seventh exit to date for Darby's investment operations in Mexico. ISA is another of Darby's successful investments in the country and reinforces our local presence and track record in supporting middle-market companies with long term growth capital."

Darby has been a pioneer in providing mezzanine products — a hybrid of both debt and equity — to various emerging market regions, including Latin America, Asia, and more recently Central and Eastern Europe. The firm has been managing mezzanine funds in Latin America since the close of its first Latin American mezzanine fund in 1999.

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