In the days of dwindling resources for print publications, it almost seems natural to have private equity firms buy up titles.
Such is the case with yesterday’s sale of CFO Publishing to Seguin Partners. CFO, which focuses on the C-level and senior finance executives, was previously owned by The Economist Group, which will retain a minority stake in the publisher once private equity firm Seguin takes over.
In 2001, the formerly-titled Bariston Partners gained its first foothold in publishing from the parent company of The Economist by buying a majority stake in The Economist Group’s Journal of Commerce. Seguin partner Alan Glass said of the purchase:
“We are thrilled at the opportunity to work with a brand as strong as CFO…(the publisher’s) award-winning editorial content and its tremendously loyal, influential audience make it a valued resource for its readers as well as an effective marketing partner for a range of blue-chip customers.”
Press release after the jump.
Seguin Partners acquires CFO Publishing from The Economist Group
New York, NY — Private equity firm Seguin Partners, LLC (Woburn, Mass.), today announced that it has acquired CFO Publishing, in partnership with CFO’s management, from the Economist Group. According to the terms of the deal, a new company formed by Seguin will acquire CFO’s assets. The Economist Group will retain a substantial minority stake in the new company.
CFO is the leading business-to-business media brand focused on the information needs of C-level and senior finance executives. In addition to CFO magazine, the business includes a fast-growing portfolio of online products and services as well as conferences and custom research and publishing.
“We are thrilled at the opportunity to work with a brand as strong as CFO,” said Seguin operating partner, Alan Glass, who will become chairman of the board of the new CFO Publishing Holdings, Inc. “CFO’s award-winning editorial content and its tremendously loyal, influential audience make it a valued resource for its readers as well as an effective marketing partner for a range of blue-chip customers.”
Paul Rossi, Managing Director and EVP of The Economist Group in the Americas, added: “CFO has always been, and remains, a strong, profitable business. We are confident that this partnership with Seguin will enable it to continue expanding online, in research and databases and in events while fully capitalizing on the potential of its print magazine.”
This is the second time Seguin’s principals, including Mr. Glass and Managing Partner Martin Madden, have partnered with The Economist Group. In 2001 (then as Bariston Partners), they acquired a majority stake in The Economist Group’s Journal of Commerce, one of the key building blocks of Commonwealth Business Media, which was then sold to United Business Media in 2006.
Under the new management structure, CFO’s current general manager, Frank Quigley, will become president and CEO. Julia Homer will remain executive vice president and chief content officer. The company plans to continue all of its existing product lines and will remain located in Boston and New York, with satellite offices in Chicago and San Francisco.
“We are excited about our future. CFO is a vibrant business with a well-defined niche. We serve an important audience, and will continue to focus on marketing to that audience exclusively,” said Quigley. “Under our new management, we plan to expand the range of must-have content offerings for finance executives and the marketers who want to reach them.”
The Jordan, Edmiston Group, Inc. (JEGI) (www.jegi.com), the leading independent investment bank for media, information, marketing services and related technologies, represented The Economist Group in this transaction and acted as its exclusive financial advisor.