Press Release
ALM Acquires Summit Professional Networks
Deal Expands Footprint Into New Markets; Advances Strategic Acquisition Plan
ALM Acquires Summit Professional Networks
Deal Expands Footprint Into New Markets; Advances Strategic Acquisition Plan
NEW YORK – January 5, 2015 – ALM, a leader in specialized industry news and information, today announced a deal to acquire Summit Professional Networks, the publisher of Investment Advisor and several prominent insurance and legal publications including National Underwriter and InsideCounsel. The deal also includes Judy Diamond Associates, a market-leading provider of prospecting tools and data within the benefits industry. The acquisition advances ALM’s strategy of expanding and strengthening its offerings beyond the legal industry, while adding to the company’s considerable stable of legal publications that include The American Lawyer and The National Law Journal. The transaction is expected to close by January 30, 2015.
This marks the second acquisition by ALM within two months, following the acquisition of Kennedy Consulting Research & Advisory announced in December. ALM was acquired by a consortium led by Wasserstein & Co., LP in June 2014.
“The acquisition of Summit Professional Networks represents the next major step in ALM’s growth strategy, expanding our reach into new strategic markets,” said Bill Carter, President and CEO of ALM. “What makes Summit an ideal fit with ALM is their strong competitive position in the markets they serve, driven by a combination of award-winning journalism and their robust custom marketing solutions.”
Once closed, this acquisition will increase the size and reach of ALM’s network to over 6 million professionals, most of which work within regulated industries. With six offices in the U.S., Summit publishes content through several respected brands in the investment advisory, legal, insurance and benefits fields. In addition to Investment Advisor, National Underwriter, and InsideCounsel, Summit publishes other leading brands including Credit Union Times, Benefits Selling, ThinkAdvisor.com, PropertyCasualty360 and LifeHealthPro, among others.
About Wasserstein & Co.
Wasserstein & Co. is a leading independent private equity and investment firm, focused primarily on leveraged buyout investments and related investment activities. Wasserstein & Co. manages capital on behalf of institutional and individual investors. The firm is focused on investments primarily in the media and communications, consumer products and water and industrial sectors. Wasserstein & Co. has offices in New York and Los Angeles. For more information, visit www.wasserco.com.
About ALM
ALM is the most trusted media, information and intelligence company supporting both the practice of and business of professionals in the legal, insurance, commercial real estate and financial services industries. ALM delivers leading data, intelligence, insights, events and audiences essential for growing businesses globally to over 7 million professionals. Please visit www.alm.com for more information, and visit www.alm.com/events/ to learn about our upcoming events. Please follow us on Twitter at @ALMGlobal_.