HMP Buys Princeton Media

HMP Communications, a provider of information and education for healthcare professionals, has acquired Princeton Media Associates LLC, a provider of continuing education and news for healthcare professionals. No financial terms were disclosed. SIG Growth Equity joined existing HMP backer Alta Communications to help fund the deal's equity tranche, while debt was provided by GE Capital, Newstar Financial and Webster Bank National Associates. Princeton Media was represented by Berkey, Noyes & Co.

 

PRESS RELEASE

HMP Communications Holdings LLC, the parent company of HMP Communications LLC and NACCME LLC (North American Center for Continuing Medical Education), announced today it has acquired Princeton Media Associates LLC (PMA), a leading medical education company focused exclusively on continuing education and news for healthcare professionals.

HMP Communications is the authoritative source for comprehensive information and education serving healthcare professionals, and serves the healthcare industry through various channels including medical journals, websites, conferences, webcasting, symposia, roundtable meetings, trade shows, and enduring materials. NACCME, a wholly-owned subsidiary of HMP Communications Holdings LLC, offers certified medical education activities and is accredited by the Accreditation Council for Pharmacy Education (ACPE) as a provider of continuing pharmacy education and the Accreditation Council for Continuing Medical Education (ACCME) to provide continuing medical education for physicians. PrincetonCME, the medical education division of PMA, is also accredited by the ACPE and is working toward accreditation by the ACCME.

“This is a truly transformational acquisition,” says HMP Communications' President & Chief Executive Officer Paul Mackler. “PMA brings extensive competencies, capabilities, and talent to our organization. The combined resources of NACCME and PrincetonCME will enable our company to provide the highest quality certified education to the medical community in any format and venue.”

With this acquisition, NACCME LLC will merge with PrincetonCME and move its operations from Malvern, PA to the PrincetonCME headquarters in Millstone Township, NJ, integrating all CME operations and program execution into one location. The new unit will be NACCME-PrincetonCME. Trish Levy, Director, Medical Education, NACCME, will become Vice President, Education, NACCME-PrincetonCME, reporting to Randy Robbin, President, Education, NACCME-PrincetonCME. Rosemary Hodgson will serve as President, Communications, NACCME-PrincetonCME. HMP Communications LLC will remain in Malvern, PA.

“We are also very excited to enter the managed care arena with PMA's leading Managed Care-First Report brand, and combine that brand with HMP's long-term care brands,” continued Mackler. “HMP's Annals of Long Term Care, Clinical Geriatrics, and Managed Care-First Report will create the most comprehensive source for medical professionals who serve these growing sectors.”

PMA Founder & Chief Executive Officer Jeff Hennessy will assume the title of HMP Communications Holdings LLC President & Chief Operating Officer. Mackler will become HMP Communications Holdings LLC's Chairman & Chief Executive Officer. PMA President & Publisher Christopher Ciraulo will take on the role of HMP Communications Vice President & Group Publisher for the newly combined Managed Care & Long Term Care division.

“I am thrilled to have Jeff, Chris and the entire PMA team join forces with NACCME and HMP,” adds Mackler. “PrincetonCME is a respected leader in medical education, and their experience in creating certified medical education programs that work to improve patient care across medical disciplines combined with NACCME's capabilities and competencies, allows the new entity to offer expanded educational programs in any format to thousands of medical professionals.”

“As healthcare evolves, medical professionals will seek out better ways to treat patients, and continuing medical education activities are vital in supporting this endeavor,” says Hennessy. “I am very excited to have our two strong companies join together. We continue to be committed in our mission to provide the best in certified medical education, and this business combination will allow us to bring more programs and solutions to the many medical disciplines that both our companies serve.”

SIG Growth Equity Fund I, LLLP is a co-investor with Alta Communications, LLC in the acquisition. “Having SIG join with Alta in this acquisition provides even more growth capital for future strategic investments,” says Alta Communications General Partner Phil Thompson. “They are a dedicated partner that will be instrumental in our growth strategy.”

Mackler and media executive Ken Fisher, HMP Communications Holdings' Chief Financial Officer, partnered with Alta Communications, a leading private-equity firm, in August of last year to acquire HMP Communications and NACCME, with the objective to grow the company by building on the substantial platforms already in place.

The debt financing for the transaction is being provided by General Electric Capital Corporation, Newstar Financial Inc., and Webster Bank National Association.

Berkery, Noyes & Co., LLC represented Princeton Media Associates in the sale.

About HMP Communications

HMP Communications is the authoritative source for comprehensive information and education serving healthcare professionals. HMP Communications' products include peer-reviewed and non-peer-reviewed medical journals, national trade shows and conferences, online programs and customized programs within the clinical areas of wound care, dermatology, podiatry, cardiology, vascular, electrophysiology, long-term care, diabetes, arthritis, and specialized primary care. Discover more about HMP Communications' products and services at www.hmpcommunications.com.

About NACCME

The North American Center for Continuing Medical Education (NACCME), a wholly-owned subsidiary of HMP Communications Holdings LLC, provides a wide array of accredited CME offerings with industry thought leaders participating in Round Table Meetings, Webcasts, Symposia, Conferences, Seminars, Podcasts, and Satellite Programs. In addition to its own programs, NACCME participates in joint-sponsorships of Continuing Medical Education activities with non-accredited providers ensuring that the ACCME's Accreditation Policies and Procedures are met. To learn more about CME/CE programs offered by NACCME, log onto www.NACCME.com.

About Princeton Media Associates

Princeton Media Associates specializes in producing live, print, and web-based certified continuing medical and pharmacy education and informational services for healthcare professionals. PrincetonCME, (www.princetoncme.com), offers CME/CE activities in a variety of formats, including teleconferences, symposia, monographs, and webcasts, within several well-recognized brands: Coalition of Rheumatology Educators (CORE) and the Princeton Teleconference Series. The company has established educational partnerships with leading academic institutions.

About Alta Communications

Alta Communications is a Boston-based private equity firm formed in 1996 that focuses exclusively on the media and communications industries. The investment professionals at Alta have been one of the most active investment teams in the media and communications industries over the past two decades. Including its current $500 million fund, Alta manages $1.5 billion in capital and has invested in more than 100 portfolio companies. Equity investments typically range from $10 million to $30 million in each portfolio company. Alta's current investments span a number of industry sectors including B2B media, out-of-home media, digital media, content, marketing services, telecom services and broadcasting. For additional information go to www.altacomm.com.

About SIG Growth Equity Fund I, LLLP (SGE)

SIG Growth Equity Fund I, LLLP (SGE) is a private equity group investing in growth and buyout opportunities in technology-enabled financial, business and healthcare services. SGE is an affiliate of Susquehanna International Group, LLP, a privately held leading financial institution specializing in trading and market making. SIG includes affiliated entities in institutional sales, research, private equity, venture capital and investment banking and has offices across North America, Europe, Asia and Australia. For additional information go to www.sig.com.