Summit Business Media on Buying Binge
Second acquisition in a week reminiscent of its dual purchase of Pfingsten and Highline in late 2006.
Summit Business Media has made its second acquisition in a week, picking up Agent Media Corporation, a database and marketing company for the life, health and annuity segments of the insurance industry.
Summit, a b-to-b company formed by former F+W chairman and Primedia founder Bill Reilly, with backing from Wind Point Partners, also just bought Wicks Business Information (WBI) last week. The dual purchase tactic seems to be a recurring theme with Summit. Late in 2006, the company was essentially formed around the simultaneously-announced purchases of Pfingsten ($100 million) and Highline ($90 million).
Earlier in the year, Reilly told Folio: that he’d like to build Summit Business Media into a $500 million company over the next several years. With his first four purchases, he’s well on his way. Combined, Pfingsten and Highline are over $100 million in revenues. WBI has approximately $33 million in revenues, and the Agent Media revenues are estimated at $15 million.
Agent Media publishes Agent’s Sales Journal, which has a 50,000-circulation national edition and 11 regional editions that reach 390,000 insurance producers; and the 13,500-circ Insurance Marketing. The company also manages a 1.6 million name database of licensed agents.
"Agent Media is an important investment for Summit because it extends our footprint in the insurance industry with market-leading products tat complement our existing product lines, particularly in the life, health and annuity segments," said Reilly in a statement.
New York-based media bankers DeSilva + Phillips had a hand in both deals, representing WBI and Agent Media.
Roscoe Smith, president of Agent Media Corporation, will remain with the company and report to Chuck Hirsch, group vice president of Summit Business Media’s Financial Services group.