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Friday, May 27, 2005

JPMorgan Partners Acquires Hanley Wood 

JPMorgan Partners to Acquire Hanley Wood from Veronis Suhler Stevenson in Second Largest B-to-B Media Deal

JPMorgan Partners, along with Wasserstein & Co, and current and former Hanley Wood management, have acquired Hanley Wood from Veronis Suhler Stevenson. According to a report from BtoB Online, the purchase price is $650 million, making it the second largest B2B media transaction in the US, and giving the deal, by my calculations, a 13x multiple against current EBITDA.

Key grab from the press release:

"Our goal is to continue the dramatic growth that Hanley Wood has achieved during our partnership with Veronis Suhler Stevenson," [new CEO Frank] Anton said. "We have a five-year plan in place, called HWX (Hanley Wood Accelerates), to double our existing businesses, and we expect to remain an active acquirer of construction industry magazines, trade shows and data businesses."

I have no doubt that Hanley Wood, with its smart leaders, including my friend Peter Goldstone, and its fine employees, can double the business.

UPDATE: Folio's analysis.

Grab:

The hefty price for Hanley Wood could keep prices up for future deals, including the pending sale of Primedia Business. “This may bode well for Primedia,” says Gross. “The sale of Canon was viewed as indicative of a peak to high valuation deals. As it turns out it’s not.”

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