Eller Media is one of the largest outdoor advertising companies in the United States. In August 1995, HFCP III invested $157 million to buy Patrick Media (later renamed Eller Media Company) in partnership with Karl Eller, one of the country's most experienced outdoor advertising executives. H&F was attracted to the investment because of the strong market position enjoyed by the Company, which was nearly 100 years old at the time, and because of the strong barriers to entry most industry participants have. Mr. Eller and his management team successfully grew the business and increased its profitability. In April 1997, HFCP III sold Eller Media Company to Clear Channel Communications.