Ascend Media has sold its Allied Healthcare Group to Anthem Media Group and its Practice Builders unit to undisclosed buyer. No financial terms were disclosed for either sale. Ascend Media is currently controlled by its lenders, led by Wells Fargo. It previously was owned by CCMP Capital and Veronis Suhler Stevenson, until defaulting on its debt covenants earlier this year.
Berkery Noyes announced today that the firm represented Ascend Media Holdings (“Ascend”) in the sale of two business units — Allied Healthcare Group to Anthem Media Group and Practice Builders to undisclosed buyer. Terms of the transactions, were not disclosed.
Allied Healthcare serves ten healthcare markets with eleven magazines, ten websites and ten weekly digital newsletters. Revenues are generated via print and online advertising and sponsorship sales. Markets covered include: imaging, hearing, orthodontics, clinical lab products, plastic surgery, sleep therapy, respiratory therapy, long term rehabilitation management, physical therapy (or short term rehabilitation) and biomedical.
Practice Builders operates as a strategic consultancy providing practical and usable market information, practice management solutions, case studies on successful business models and advertising agency services to assist healthcare professionals with building and strengthening their practices. Its services empower private practitioners with tools and consultative advice that allow them to better market their services and adapt to the changing healthcare environment.
“This is an excellent outcome as we found solid buyers for each division in a very challenging economic environment,” said Tom O’Connor, the Berkery Noyes Managing Director who managed the transaction on behalf of Ascend Media Holdings.
Vicki Masseria, who is CEO of the parent company Ascend Media Holdings said, “We are very pleased to complete these transactions and to have these divisions sold to parties that can capitalize on the valuable franchises that have been built over decades.”
Berkery Noyes acted as exclusive financial advisor to Ascend Media Holdings on the sales. Berkery Noyes has been involved with many of the most notable transactions in the healthcare, pharmaceutical tools and services, and medical marketing sectors involving both strategic and financial buyers and sellers.
About Berkery Noyes
Berkery Noyes provides strategic mergers and acquisitions transaction advisory services, financial consulting and strategic research to middle-market information, media and technology companies in the United States and internationally. For more information, visit www.berkerynoyes.com