ALM, which is backed by Wasserstein & Co., has agreed to buy Summit Professional Networks, publisher of several insurance and legal publications that include Investment Advisor and National Underwriter. No financial terms were disclosed.
NEW YORK, Jan. 5, 2015 (GLOBE NEWSWIRE) — ALM, a leader in specialized industry news and information, today announced a deal to acquire Summit Professional Networks, the publisher of Investment Advisor and several prominent insurance and legal publications including National Underwriter and InsideCounsel. The deal also includes Judy Diamond Associates, a market-leading provider of prospecting tools and data within the benefits industry. The acquisition advances ALM’s strategy of expanding and strengthening its offerings beyond the legal industry, while adding to the company’s considerable stable of legal publications that include The American Lawyer and The National Law Journal. The transaction is expected to close by January 30, 2015.
This marks the second acquisition by ALM within two months, following the acquisition of Kennedy Consulting Research & Advisory announced in December. ALM was acquired by a consortium led by Wasserstein & Co., LP in June 2014.
“The acquisition of Summit Professional Networks represents the next major step in ALM’s growth strategy, expanding our reach into new strategic markets,” said Bill Carter, President and CEO of ALM. “What makes Summit an ideal fit with ALM is their strong competitive position in the markets they serve, driven by a combination of award-winning journalism and their robust custom marketing solutions.”
Once closed, this acquisition will increase the size and reach of ALM’s network to over 6 million professionals, most of which work within regulated industries. With six offices in the U.S., Summit publishes content through several respected brands in the investment advisory, legal, insurance and benefits fields. In addition to Investment Advisor, National Underwriter, and InsideCounsel, Summit publishes other leading brands including Credit Union Times, Benefits Selling, ThinkAdvisor.com, PropertyCasualty360 and LifeHealthPro, among others.
ALM is a global leader in specialized industry news and information. Trusted reporting delivered through innovative technology is the hallmark of ALM’s award-winning media properties, which include Law.com (www.law.com), The American Lawyer, Corporate Counsel, The National Law Journal and The New York Law Journal. Headquartered in New York City with 16 offices worldwide, ALM brands have been serving their markets since 1843. ALM was named among Folio: Magazine’s Top Places to Work in Media in 2014. For more information, visit www.alm.com.
ALM, The American Lawyer, Corporate Counsel, GlobeSt.com, Insight Conferences, Law.com, Law Journal Press, Law Technology News, LegalTech, The National Law Journal and Real Estate Forum are trademarks or registered trademarks of ALM Media Properties, LLC.
About Wasserstein & Co.
Wasserstein & Co. is a leading independent private equity and investment firm, focused primarily on leveraged buyout investments and related investment activities. Wasserstein & Co. manages capital on behalf of institutional and individual investors. The firm is focused on investments primarily in the media and communications, consumer products and water and industrial sectors. Wasserstein & Co. has offices in New York and Los Angeles. For more information, visit www.wasserco.com.
Correction: A previous version of this report incorrectly stated that Summit Professional Networks is the publisher of The American Lawyer. ALM publishes The American Lawyer. This report has been updated.