Wasserstein & Co. has entered into an agreement to acquire ALM Media, a portfolio company of Apax Partners and the Royal Bank of Scotland, for a reported $417 million. Ontario Pension Board, Pantheon, the Honeywell pension, and HighVista Strategies are co-investing in the transaction alongside Wasserstein. The transaction is expected to close in the third quarter of 2014.
ALM Media is an integrated media company and a provider of specialized business news, research and information, focused primarily on the legal and commercial real estate sectors. ALM’s portfolio of over 350 print and digital publications – which include The New York Law Journal, The American Lawyer, Corporate Counsel, Law.com, and The National Law Journal –receives more than 6.5 million page views per month. The company has nearly 700 employees across 16 offices worldwide and is headquartered in New York (www.alm.com).
Wasserstein & Co. previously owned ALM and sold the company to Incisive Media in 2007 for $630 million. “We are delighted to have the opportunity to own ALM again and look forward to working with ALM’s experienced management team to strengthen and unify its media brands and expand into value-added digital subscription products and services,” said Michael Struble, Managing Director of Wasserstein & Co.
Wasserstein & Co. is focused primarily on leveraged buyout investments and related investment activities in the media, consumer products and water equipment and services industries. The firm has offices in New York and Los Angeles. The investment in Recorded Books was made through the firm’s third investment fund, Wasserstein Partners III (www.wasserco.com).
“ALM’s publications and digital products are the best in the industry. They are the market leaders, and invaluable to US legal professionals. We are excited about the opportunity to work with ALM again to grow its remarkable print and digital products and trade shows,” said Anup Bagaria, Co-Managing Partner of Wasserstein & Co.
Financing for the transaction will be provided by Macquarie Capital (USA). Jefferies acted as financial advisor to the company, Apax Funds, and RBS.
2014 PEPD • Private Equity’s Leading News Magazine • 6-5-14