Wind Point Acquires Pfingsten
Pfingsten Partners LLC, the Deerfield, Illinois-based owner of Pfingsten Publications, has sold Pfingsten to private equity firm Wind Point Partners of Chicago. As first reported by Folio: Alert on Monday, Wind Point, which owns Active Interest Media, also has plans to acquire Highline Media of Erlanger, Kentucky. Sources say the Pfingsten deal was completed over a month ago, but that Wind Point held off on making the announcement so that it could announce both deals together. Another source says last minute negotiations have delayed the Highline announcement.
The Jordan, Edmiston Group represented Pfingsten in the sale. Terms of the transaction were not disclosed, but several sources told Folio: Alert that the deal is valued at better than $100 million. Seven Hills, Ohio-based Pfingsten, which publishes DÉCOR, Life Insurance Selling, Mortgage Originator, Progressive Distributor, and MRO Today, among other titles, has been described by sources as a well-run company with annual revenues of about $40 million and EBITDA of about $13 million.
Sources say Wind Point chose to purchase both Highline and Pfingsten because of the synergy that exists between the two publishers’ financial publications. Highline, currently owned by Spire Capital Management, publishes magazines in the insurance and financial sectors including National Underwriter, Property/Casualty, Life/Health, Claims, Florida Underwriter, Wealth Manager and Research and Futures. The Highline transaction is believed to be valued at about $90 million. BMO Capital Markets is representing Highline in the deal.