Financial terms were not released. SANDOW’s chairman and CEO Adam Sandow declined to offer any other details on a sale price, but says the group’s profits grew 40 percent since the company bought the Furniture Today assets from Reed Business Information in 2010.
The RBI deal also included Interior Design, which SANDOW will keep.
"We were not actively seeking a sale, but the opportunity presented to us by FT Media Holdings was one that we had to take seriously," Sandow tells Folio: in an email message. "They will be able to focus exclusively on this group of brands to take their business to the next level of growth."
In addition to the flagship brand and weekly publication Furniture Today, six other publications—including Casual Living, Gifts and Decorative Accessories, Home Accents Today, Home Textiles Today, Kids Today and Playthings—and three annual events were included in the deal.
Kevin Castellani, who has led the group since 1993, will transition to FT Media Holdings as president of the group, which will be renamed Progressive Business Media.
FT Media Holdings is led by president Matthew Slaine, and the Furniture Today group of brands will remain in their Greensboro, North Carolina headquarter location.