‘Dispute’ Lands Publisher on the Auction Block
Randall Publishing’s assets to be sold.
Randall Publishing is going out of business and has been ordered by an Illinois county court to hold a public auction of its assets, including trade titles Gear Technology and Power Transmission Engineering, as well its companion Web sites, buyer’s guides and subscriber lists.
The auction, which is scheduled for June 11, is being managed by Chicago-based Realization Advisors Inc. According to RAI managing director Michael Kayman, the sale was precipitated by a “disagreement” between Randall’s owners. Randall editor and publisher Michael Goldstein did not return multiple requests for comment.
Not to be confused with fellow b-to-b magazine publisher Randall-Reilly Publishing, Elk Grove Village, Illinois-based Randall Publishing was founded with the launch of Gear Technology in 1984 by Goldstein and his brother, Richard Goldstein. Power Transmission Engineering was launched in 2007.
The Goldsteins also owned Cadillac Machinery, a supplier of reconditioned gear manufacturing equipment. The auction for the assets of Cadillac Machinery recently closed.
In 2008, Randall reported an estimated net income of $97,000, down slightly from a reported $101,000 income in 2007. According to Randall’s offering memorandum, the company reported net losses in 2004 ($102,000), 2005 ($140,000) and 2006 ($74,000).
“This is a profitable business,” Kayman told FOLIO: “It’s a wonderful niche. The Web sites are very active.”
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.