ALM, 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.
This 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, ThinkAdvisor.com, 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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