Citadel Communications, renamed Citadel Broadcasting, was the largest pure-play radio broadcaster in the U.S. At the time of Endeavour’s exit, Citadel owned more than 200 stations in 42 markets.

After targeting radio broadcasting as an attractive industry for investment, Endeavour formed Deschutes River Broadcasting in 1994 with the goal of acquiring radio stations in small to medium-sized markets in the Pacific Northwest. After acquiring its first two radio stations, a relaxation of FCC ownership restrictions led to an acceleration in the pace of industry consolidation. In response to this shift in market structure, in 1996, Deschutes merged with Citadel Communications. Following the merger, Endeavour became an investor and board member of Citadel Broadcasting.

Over the years that followed, Endeavour helped CEO Larry Wilson and his team execute a roll-up strategy that involved a number of follow-on acquisitions in markets throughout the country. In 1998, with Endeavour’s assistance, Citadel completed an initial public offering (IPO) on the NASDAQ, raising over $100 million of capital for the purpose of debt reduction and future acquisitions. Citadel was ultimately sold for over $2 billion in 2001.