UBM Acquires Remaining Stake in RISI
Forest products industry information provider to become wholly-owned subsidiary.
United Business Media has acquired the remaining 48 percent stake in forest products industry information provider RISI, increasing its ownership of the company to 100 percent.
Financial terms of the deal were not disclosed.
“As with other UBM businesses, RISI is a leading provider of news and analytical services and products to a specific professional commercial industry,” a UBM spokesperson told FOLIO:. “Many of these products, including RISI’s pricing information, are integral to the day-to-day operations of businesses operating in forestry products markets.”
As part of the deal, UBM appointed Mike Coffey RISI’s CEO. Coffey joined RISI as CIO in April 2007 and most recently served as COO. He succeeds John Day, who was named CEO of UBM Global Trade in May.
“UBM will continue to invest in RISI’s growth as the leading provider of news, information and analytical services for the forestry and forestry products industry,” the spokesperson said. “As a wholly-owned UBM business, RISI will look to take advantage of UBM’s global infrastructure as well as its capital and human resources.”
Bedford, Massachusetts-based RISI employs 125 people worldwide and generated approximately $23.1 million in revenue in 2008, UBM said. No layoffs were associated with the acquisition.
RISI will continue to publish PPI magazine, the spokesperson said.