The new company formed by the merger of Stagnito Business Information, Edgell Communications, and the Path to Purchase Institute now has a new name.
The merged companies will henceforth do business as EnsembleIQ, president and CEO Peter Hoyt announced today.
Hoyt tells Folio: that the name is meant to evoke feelings of synergy between the newly combined businesses, various moving parts working together in concert to form a formidable business intelligence resource that surrounds every aspect of the retail and consumer goods markets.
Hoyt, who was previously CEO of the Path to Purchase Institute, was tapped as president and CEO of the new organization last month.
"We’re taking these different entities and pulling them together to create a new capability. Each has different values to add," says Hoyt. "Retail is faced with inevitable, enormous change. We’re in the best position with this full spectrum of publications looking at all these critical retail verticals to be able to help people understand what’s happening and to navigate it."
Hoyt says he began exploring the market for a potential Path to Purchase Institute sale last summer, and that obvious synergies between the Institute's events business and the monthly Shopper Marketing and Stagnito's brands like Progressive Grocer and Convenience Store News made Stagnito an attractive partner.
When Stagnito and Edgell were merged in February and purchased by private equity firm RFE Investment Partners, the idea of gaining access to Edgell's expertise in covering the industry's technological advances only sweetened the deal.
"To suddenly have access to each other, to compare notes, there is a lot of synergy that is obvious and immediate between the organizations," Hoyt tells Folio:. "At its core, the business we are in calls for a creative, collaborative effort."
Striving for "Extraordinary Value"
Unifying three formerly separate publishing companies will be a process extending into next year, but Hoyt says that eventually EnsembleIQ will be based in two main locations: Chicago and New Jersey, with a third office in Toronto for a handful of brands, such as Pharmacy Business, that came into the EnsembleIQ fold through Stagnito.
Hoyt downplayed any potential redundancies or layoffs resulting from the merger, and says the company is actually hiring, particularly in events, tech, editorial, and production. He praised owner RFE's leadership for their willingness to invest in EnsembleIQ's growth, explicitly stating the new company's goal of growing to three-times its current size over the next five to seven years. Hoyt himself is the largest individual investor in the venture.
"We're attracted to companies with entrepreneurial management teams who are poised for growth in vibrant markets," says RFE managing director Ned Truslow. "The businesses that have joined forces to form EnsembleIQ certainly fit that bill."
Key to that growth, says Hoyt, is continued investment in the company's existing products, but that EnsembleIQ will also actively seek acquisitions that can complement its service to the market.
"This venture is going to succeed in direct proportion to the degree to which we help people and their businesses succeed," adds Hoyt. "The only reason we exist is to be of extraordinary use and value to the audiences that we serve, regardless of the medium, whether its print, digital, or face-to-face events."
Although EnsembleIQ says that no publications, websites, or events will cease to operate as a result of the merger, the rebranding does mark the end of two decades-old legacy names in business media. Going forward, neither Stagnito nor Edgell will continue to be used as brand names within the company.
While Korry Stagnito is staying on as COO, his brother Kollin, who had originally been named president and CEO of Stagnito + Edgell, is leaving the company. RFE preferred one CEO to two (former Edgell CEO Gerry Ryerson retired when the merger was made official), and selected Hoyt.
"Peter Hoyt is a true innovator," says executive chairman Alan Glass, to whom Hoyt will report. "With his long history of success in the market, Peter has gained a unique understanding of the changes that have revolutionized retail, and he now has the resources at his disposal to help all industry stakeholders succeed in this new retail environment."