Seguin Partners has acquired a majority stake in B2B publisher CFO Publishing, with seller the Economist Group retaining a minority position. No financial terms were disclosed. The Jordan, Edmiston Group advised Economist Group on the deal.
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.
About The CFO Group (www.cfo.com)
The CFO Group consists of CFO magazine, CFO.com, CFO Conferences, and CFO Research Services. With a rate base of 400,000, CFO magazine is the leading business publication for C-level and senior financial executives. CFO.com is a one-stop shop for financial news and resources online. Quality programming has led CFO Conferences to earn two Most-Valued Podiums designations from Burson-Marsteller. And CFO Research Services partners with sponsors to conduct topical, thought-leading surveys, which are regularly cited in the press.
About Seguin Partners LLC (www.seguinpartners.com)
Seguin Partners is a private equity investment firm which focuses on growing companies in certain segments of the business services market including business-to-business information, publishing, media, healthcare, security, and other outsourced business services.
About The Economist Group (www.economistgroup.com)
The publications and services delivered under The Economist brand are The Economist magazine, The Economist online, Economist Intelligence Unit, Economist Conferences, The World In and Intelligent Life. The Group’s other brands include: CQ-Roll Call Group and European Voice (aimed at decision-makers on Capitol Hill and Brussels respectively) and EuroFinance, a cash and treasury management event business. The Economist Group is privately owned.