ALM Acquires Summit Professional Networks

ALM2ALM, owner of The American Lawyer and The National Law Journal and other titles, is to acquire Summit Professional Networks, the publisher of Investment Advisor and several insurance and legal publications including National Underwriter and InsideCounsel. The deal also includes Judy Diamond Associates, a provider of prospecting tools and data within the benefits industry.

Summit ProfThis is the second acquisition by ALM in two months. ALM acquired Kennedy Consulting Research & Advisory in December.

“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.”

With six offices in the U.S., Summit publishes content through several brands in the investment advisory, legal, insurance and benefits fields. In addition to Investment Advisor, National Underwriter, and InsideCounsel, Summit publishes other brands including Credit Union Times, Benefits Selling,, PropertyCasualty360 and LifeHealthPro, among others.

ALM was acquired in July by a consortium led by private-equity firm Wasserstein & Co. for $417 million. Wasserstein had previously owned ALM, but sold it to Incisive Media in 2007 for $630 million.

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Wasserstein & Co. to by back ALM Media from Apax at a discount Posted on June 5, 2014


Wasserstein & Co. to by back ALM Media from Apax at a discount

ALM2Private equity and investment firm Wasserstein & Co has announced that it is buying back ALM Media, the publisher of American Lawyer and other titles, from its current owners, Apax Partners and the Royal Bank of Scotland. Ontario Pension Board, Pantheon, the Honeywell pension, and HighVista Strategies LLC are co-investing in the transaction alongside Wasserstein.

incisive_logo_newAccording to the New York Times, terms aren’t expected to be disclosed, but a person briefed on the matter said the price was about $417 million. In the summer of 2007, Wasserstein & Company sold ALM Media to Apax’s Incisive Media, the London-based trade magazine publisher, at the top of the market for $630 million.

Headquartered in New York City, ALM is an integrated media company and a provider of specialised business news, research and information, focused primarily on the legal and commercial real estate sectors. The company was created by the late Bruce Wasserstein. Later Wasserstein & Company was created as the investment vehicle of Bruce Wasserstein. ALM has nearly 700 employees across 16 offices worldwide. ALM’s portfolio of over 350 print and digital publications include The New York Law Journal, The American Lawyer, Corporate Counsel,, and The National Law Journal.

Michael Struble, Managing Director of Wasserstein & Co., added, “We are delighted to have the opportunity to own ALM again and look forward to working with ALM’s experienced management team to strengthen and unify its media brands and expand into value-added digital subscription products and services.”

Financing for the transaction will be provided by Macquarie Capital (USA) Inc. Jones Day served as legal advisor to Wasserstein & Co. Jefferies LLC acted as financial advisor to the Company, the Apax Funds, and RBS. Simpson Thacher & Bartlett LLP served as legal advisor to the Company and the Apax Funds. DLA Piper LLP (US) served as legal advisor to RBS.

The transaction is expected to close in the third quarter of 2014.

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