Cygnus Business Media Puts Public Safety Group on the Block
Source pegs revenues in $15 million range.
Cygnus Business Media is set to unload its third grouping of assets in just over a year. CEO John French announced to employees on Thursday that the Public Safety group is up for sale.
The auction is the next step in an ongoing process that began when French took over as CEO in 2009â€”bring the company out of bankruptcy and then sell off the portfolio to pay back the banks.
Cygnus' Ag Group has already been sold, which the American Farm Bureau bought last August. The Heavy Construction Group, which went on the block in February, is still up for grabs.
Public Safety publishes brands such as Firehouse, EMS World, Law Enforcement Technology and their associated expositions and digital counterparts.
French declined to offer financial details on the group, other than to say it's profitable and print accounts for about 42 percent of overall revenues. But a source described the Public Safety Group's revenues in the range of $15 million.
French is pleased with the pace of the divestitures so far. "The speed at which these have happened is faster than we expected," he says. "The credit markets have gotten better, the M&A market is better, so we decided to go for it with Public Safety."
With this deal underway, Cygnus at this point has put up its biggest properties for sale. Remaining are assets in the aviation, technology, retail and transportation markets.
Corporate Solutions, an acquisitions advisory firm, is brokering the sale.