Summit Business Media To Buy WBI
Deal struck late last night, expected to close in late June.
Summit Business Media has inked an agreement to acquire Wicks Business Information (WBI), a media company serving financial services and legal professionals. The deal is expected to close by the end of June, and was one of several b-to-b deals that are said to be currently percolating.
WBI, which generates about $33 million in revenue, will be folded into Summit’s Highline division. Included in the transaction are Investment Advisor, Credit Union Times, Inside Counsel and Treasury & Risk magazines, as well as the Executive Enterprises seminar unit, which produces more than 100 courses each year. The properties average about $6 million per year in revenue. “I refer to it as the third leg of the stool,” says Andrew Goodenough, president of Highline. “Wicks is a very profitable enterprise and is comparable in terms of Highline. They complement Summit with six insurance titles, of which two are weeklies. We love the weekly format.”
WBI CEO Doug Manoni will remain with the company for a transitional period. “We’ve had a very successful run and it is an attractive portfolio. We have been pursued by interested parties over the last year or more and a few months ago we ran a closed process with a few strategic financial buyers,” says Manoni. “One of the things that is most gratifying to me is the strategic fit. I think both of the businesses and all of the employees will really benefit by the merger of assets.”
The new combined company will compete with Source Media, and to an extent, ALM, which is currently on the block as well. New York-based media bankers DeSilva + Phillips represented WBI in the deal.