It isn’t every day a private equity firm goes diving headlong into print media.
But, earlier this month, Hadley Capital acquired titles Austin Monthly, Austin Monthly Home and San Antonio Magazine from the Conley Publishing Group, a Wisconsin-based media company.
Now, on the platform, called Open Sky Media, the Chicago-based lower-middle market PE shop will continue to develop on its newest asset, according to Paul Wormley, Partner with Hadley Capital. Wormley told peHUB that Hadley continues to seek out local metropolitan social magazines similar to the trio they just acquired and that Open Sky could ultimately roll as many as 10 titles onto its new media platform.
“We’re certainly interested in other operations in Texas,” he said, adding that the state’s strong consumer base and healthy economy—particularly for high-end consumers—makes its regional magazines attractive.
Hadley has fully deployed, but not yet fully realized, its first fund, said Hadley’s Marc Summe. Its second fund, which has made limited deals, closed with $40 million in 2008. The majority of that capital has yet to be deployed, allowing the PE shop ample room to expand its media asset.