In an attempt to broaden its footprint in the medical information and education field, HMP Communications Holdings, a company headed by former Cygnus CEO Paul Mackler, has announced the acquisition of Princeton Media Associates. Financial terms were not disclosed.
Mackler, now president and CEO of HMP Communications, will become chairman and CEO of the parent company.
As a result of the acquisition, PMA’s Managed Care-First Report brands will combine with HMP’s Annals of Long Term Care and Clinical Geriatrics brands to form a Managed Care and Long Term Care division, which will operate from HMP’s headquarters in Malvern, Pennsylvania. PMA president and publisher Christopher Ciraulo will be vice president and group publisher for the division.
HMP’s subsidiary North American Center for Continuing Medical Education (CACCME) will merge with PMA’s medical education division PrincetonCME and will move its operations from Malvern to PrincetonCME’s headquarters in Millstone Township, New Jersey. NAACME’s director, medical education Trish Levy will be promoted to vice president, education, NACCME-PrincetonCME.
“This business combination will allow us to bring more programs and solutions to the many medical disciplines that both our companies serve,” said PMA founder and CEO Jeff Hennessy in a statement. Hennessy will take on the title of president and COO of HMP Communications holdings.
SIG Growth Equity Fund is a co-investor with Alta Communications in the deal. Alta Communications partnered with Mackler and HMP Communications Holdings CFO Ken Fisher, also a former Cygnus executive, in August of last year to acquire HMP Communications and NAACME.
General Electric Capital Corporation, Newstar Financial Inc. and Webster Bank National Association are providing debt financing for the transaction.
Berkery, Noyes and Company represented PMA in the sale.