Boyne Capital has acquired AC Business Media in partnership with the company’s management team. The selling shareholders were the company’s Chairman Anil Narang and CEO Carl Wistreich, and both have maintained a minority interest in the company.
AC Business Media (ACBM) is a business-to-business media and data company with a portfolio of brands in the heavy construction, asphalt, concrete, paving, equipment rental, landscape, manufacturing, logistics, and supply chain sectors. The company’s media properties include, among others, magazines such as Asphalt Contractor, Concrete Contractor, Pavement Maintenance & Reconstruction, OEM Off-Highway, Food Logistics, Supply & Demand Chain Executive, and Green Industry Pros.
All of ACBM’s media properties utilize digital products, trade shows, videos, magazines, webinars, and newsletters. ACBM is headquartered in Fort Atkinson, WI (www.acbusinessmedia.com).
At the closing of the acquisition, Barry Lovette was named the new CEO of ACBM. Over the past two years, Mr. Lovette had been an executive partner at San Francisco-based Salt Creek Capital. Earlier, from 2005 to 2015, he was the president and general manager of Grand View Media, a Birmingham, AL-based publisher of 21 business-to-business magazines and 7 consumer magazines. The media properties of Grand View have been sold off by its owner EBSCO Industries over the past year.
“AC Business Media is a market leader that is poised for future growth,” said Mr. Lovette. “By partnering with Boyne, AC Business Media will be able to continue investing in its products and capabilities and significantly enhance our ability to provide great value to our customers.”
Boyne makes investments in lower middle market companies that have revenues of less than $100 million and EBITDA of $2 million to $10 million. Sectors of interest include healthcare services, agriculture, consumer products, niche manufacturing, and business & financial services. In July 2017, Boyne closed its debut institutional fund, BCM Fund I LP, with $126 million of capital commitments, surpassing the original target of $100 million. Boyne was founded by Derek McDowell in 2006 and is headquartered in Miami (www.boynecapital.com).
“AC Business Media is a leader in construction media with a portfolio of brands unmatched in the industry,” said Mr. McDowell. “We are pleased to be partnering with Barry Lovette and AC Business Media’s long-tenured management team to grow the company by expanding its already substantial audience and capabilities.”
Westport, CT-based Corporate Solutions (www.csmergers.com), an investment bank specializing in the trade show, consumer show and trade publishing industries, was the financial advisor to AC Business Media.
© 2018 Private Equity Professional | August 31, 2018
