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Wasserstein & Co., LP Announces Completion of Purchase of Business Information Segment of PRIMEDIA Inc.NEW YORK --(Business Wire)-- Oct. 3, 2005 -- Wasserstein & Co., LP, along with investment partners Highfields Capital Management and Lexington Partners, today announced the completion of the purchase of PRIMEDIA's Business Information segment for $385 million in cash. Wasserstein acquired the business through PBI Media Holdings, Inc., an entity controlled by Wasserstein through its U.S. Equity Partners II, LP investment partnership. No further financial terms of the purchase were disclosed. PBI Media Holdings will announce its new company name in the near future, reflecting its status as a stand-alone business and a leader in the business media industry. In conjunction with the sale, John French has been promoted to President & CEO of PBI Media Holdings. Mr. French will continue to have strategic, product, operational and revenue responsibility for PBI's portfolio of products. Additionally, Andrea Persily has been promoted to CFO & COO. The other senior members of PBI's current management team will remain in place. "We are very pleased to complete the purchase of PRIMEDIA's Business Information segment." said Anup Bagaria, Vice Chairman of Wasserstein & Co. "The Company's leading brands, integrated products and experienced management team make this a very exciting opportunity for us. John and his team have built strong positive momentum within the organization, and we have great confidence that this momentum will continue." "Today is a great day for our customers, our organization, our brands and our employees," said French. "We are looking forward to continuing our growth trend, investing in our products and pursuing targeted acquisitions. The future is bright, and we look forward to moving successfully into this exciting new era." PBI Media Holdings consists of 70 business-to-business targeted publications, more than 100 Web sites, 25 events and 50 directories and data products, serving professionals in diverse market sectors. PBI's key focus is bringing sellers together with qualified buyers across its broad product platform. In 2004, the organization generated $224.8 million in revenue. About Wasserstein & Co., LP Wasserstein & Co., LP is a leading independent private equity and investment firm, focused primarily on leveraged buyout investments, venture capital investments and related investment activities. The Firm manages capital on behalf of its institutional and individual investors, including public and corporate pension funds, foreign governmental entities, endowments and foundations, and high net worth individuals. The Firm historically has made investments in media, consumer products and other industry sectors. Representative historical media investments have included ALM, Hanley Wood, Real Estate Media, The Deal, New York Magazine and IMAX. Wasserstein & Co. conducts its activities through offices in New York and Los Angeles. About Highfields Capital Management Highfields Capital Management LP is a Boston-based investment management firm that manages private investment funds primarily owned by institutional and private charitable foundations, school endowments and other institutional and private investors. The firm primarily makes long-term equity investments in securities of both public and private companies in the U.S., Canada and in foreign markets. It also invests in long-term mezzanine or other debt financing to fund business acquisitions or growth and has participated in leveraged buy-outs, venture investments and recapitalizations. Highfields was founded in 1998 and currently manages approximately $7 billion in investment funds. About Lexington Partners Lexington was founded in 1994 to provide liquidity to private equity investors interested in selling limited partnership interests. Today, Lexington is the largest independent manager of secondary private equity capital with over $8 billion of committed capital. The firm's seven secondary funds purchase buyout, venture capital and mezzanine limited partnership interests globally. Lexington also invests in primary partnership funds and has committed to almost 100 new partnerships over the last eight years. In 1998, Lexington formed Co-Investment Partners, an investment partnership with current capital of $1.5 billion. Co-Investment Partners has invested more than $950 million in 46 private equity transactions over the last seven years. About PBI Media Holdings PBI Media Holdings is a leading producer of targeted publications, Web sites and exhibitions that bring sellers together with qualified buyers. It consists of more than 70 publications, more than 100 Web sites, more than 180 e-mail newsletters, 25 events and 50 directories and data products that serve professionals in 20 market sectors including agribusiness, communications, electrical & public services, entertainment, marketing and transportation. |
