Co-Owner Buys Out Brother’s Stake in Randall Publishing
Michael Goldstein acquires 100 percent stake in trade publishing company.
After about a month on the auction block, the assets of trade publisher Randall Publishing have been purchased by the company’s co-owner and publisher, Michael Goldstein.
The auction officially closed June 30. Financial terms of the deal were not disclosed.
“The auction saw five aggressive bidders,” said Michael Kayman, managing director of Realization Advisors Inc., which managed the sale process. “The sale price exceeded expectations and the previously appraised value of the business.”
In 2008, Randall reported an estimated net income of $97,000, down slightly from a reported $101,000 in net income in 2007. As part of the acquisition, Goldstein has created a new company: Randall Publications LLC.
Not to be confused with fellow b-to-b magazine publisher Randall-Reilly Publishing, Elk Grove Village, Illinois-based Randall Publishing was ordered in May by an Illinois county court to hold a public auction of its assets, including Gear Technology and Power Transmission Engineering magazines, as well its companion Web sites, buyer’s guides and subscriber lists. The sale was precipitated by a dispute between Goldstein and his brother Richard Goldstein (both owned 50-percent stakes in the company).
No layoffs were associated with the sale and the magazines published uninterrupted during the auction process, Goldstein told FOLIO:.
Gear Technology publishes eight times annually and carries a circulation of 14,138. Power Transmission Engineering publishes six times per year and carries a 15,000 circulation.
In addition to the magazines, Goldstein said he plans to digitize the company’s articles archive and is “exploring” an expansion into the virtual event market.
“This has been the standard for the gear manufacturing industry all over the world,” Goldstein said. “The company is back where it belongs.”