After 6 months on the market, Cygnus Business Media has sold its heavy construction and logistics groups to newly-formed AC Business Media, the firms announced Monday. The deal includes nine publications, a national trade show and several associated digital properties.
AC emerged as the winner among several offers, according to a statement from Corporate Solutions, advisor on the deal. Official terms weren’t disclosed however.
AC says all employees will be retained, including Kris Flitcroft, who’d served as an executive vice president at Cygnus since 2010. She’ll fill the same role at AC.
"The construction and logistics team, with its industry-recognized brands, impressed us with its past successes and forwarding-thinking plans and initiatives" say Carl Wistreich and Anil Narang, co-founders of AC, in a statement. "We are excited to continue to provide industry leading content to our audience through our cutting-edge digital properties and print publications and provide our advertisers the analytics and ability to reach the audience they want to reach that they have become accustomed to with our brands."
Together, the heavy construction properties have more than 250,000 print subscribers and generate 142,000 monthly unique visitors, according to brand media kits. Last year’s National Pavement Expo attracted 78 exhibitors.
While AC Business Media launches with only the Cygnus properties in its portfolio, the new company is apparently looking to continue building itself through acquisitions.
"The acquisition of this business for AC Business Media is a great launch pad for future acquisitions," says Nick Curci, president of Corporate Solutions, which advised Cygnus on the sale. "This transaction will help the company expand their strategic goals to other publishing, trade show and digital properties in the B2B space."
Exactly where they’ll look to expand is unknown at the moment. The duo at the head of AC have executive experience in several markets, but apart from Narang’s stint as an owner of a magazine distributor in the late 1990s and early 2000s, neither appears to have a background in publishing.
"We are very pleased to have found a buyer of these highly profitable multi-platform properties serving the heavy construction and logistics industries that will utilize the current team’s creativity and experience," says John French, CEO of Cygnus.