Do the names Hanley and Wood mean anything to you? They should. Mike Hanley and Michael Wood are the founders of one of the biggest b-to-b media companies in the U.S. And the two were reunited recently in a deal through Mr. Wood’s investment firm, Redwood Investments.
The firm bought CSP Information Group last week, a b-to-b media company that targets the convenience store and restaurant markets. The portfolio includes four magazines and associated newsletters, websites and events. The deal was brokered by Berkery Noyes, which represented Redwood.
Wood’s son, Mike Wood, Jr., who is president of Redwood, will become CEO of CSP, which he says has tripled its revenue in the last six years.
According to Wood Jr., CSP will become a platform for further acquisitions in the convenience store and restaurant media space. "We expect to invest in and grow CSP’s existing businesses particularly in the digital, mobile and information realms, and to become an active acquirer of c-store, restaurant and foodservice industry media, trade shows and businesses," he says in a statement.
Michael Wood will become chairman of the new company and Mike Hanley, an investor in the company, will also join the board.
Pair this deal with the recent acquisition of Northstar Travel Media by the Wicks Group and you get the sense that b-to-b media companies that effectively spread their revenue across print, digital and live events still have appeal. Marketing services may be where the action is, and banks definitely still have some troubled assets on their hands which has pinched financing and can wreak havoc with structuring a deal, but these types of transactions are still getting done.