Topspin LBO Buys Stagnito Media
The company achieved 26 percent revenue growth in 2011.
Stagnito Media, a b-to-b media company serving the grocery and convenience store markets, has been acquired by Topspin LBO, a Long-Island-based private equity firm.
The deal will give Stagnito the resources it needs to continue its growth, says CEO Harry Stagnito, particularly in marketing services and data and information products. While he wouldn't reveal the terms of the deal, the company grew 26 percent in revenues during 2011, with print representing 60 percent of overall revenues, digital 20 percent and marketing services and events at 20 percent.
"Print is growing, it's not going backwards," clarifies Stagnito. "Our whole pie is getting bigger as these other areas continue to grow. I believe very strongly in print as we increase our share of market."
Stagnito has taken a rather circuitous route to the acquisition. The first version of Stagnito Media launched in 1990 targeting the food industry. By 1996, the company had grown to 6 magazines, then selling to Medical World Communications in 1997. In 2005 Medical World was sold to Ascend Media, which by 2007 sold the Stagnito division to BNP Media.
At that point Harry Stagnito, along with his sons Kyle and Kollin, struck out on his own once again and bought a couple engineering titles from Zweig White in 2008. In 2010, Stagnito Media grew again through an acquisition of Nielsen Business Media's retail food group brandsāConvenience Store News, Progressive Grocer, The Gourmet Retailer and Convenience Store News for the Single Store Owner.
Topspin LBO is no stranger to the Stagnitos. The firm also owns Moose River Media, a St. Johnsbury, Vermont-based publisher serving the professional lawn and landscape markets. Moose River, acquired by Topspin in 2005, is run by Harry's other son Korry.