The Economist Sells Stake In CFO Publishing To PE Firm Seguin Partners
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The Economist Group, half owned by Pearson (NYSE: PSO), has sold a stake in its CFO Publishing b2b mag unit to PE firm Seguin Partners. Terms of the deal were not disclosed, but the company said CFO was “strong and profitable”. Seguin made the purchase in partnership with CFO’s management. The Economist will retain what it says is a “substantial minority stake” in the new company.
Under the new management structure, CFO’s current GM Frank Quigley will become President and CEO. Julia Homer will remain EVP and Chief Content Officer. The company plans to continue all of its existing product lines and will remain located in Boston and New York, with satellite offices in Chicago and San Francisco. This is the second time Seguin’s principals have partnered with The Economist Group. In 2001 (then as Bariston Partners), they acquired a majority stake in The Economist Group’s Journal of Commerce, which led to building Commonwealth Business Media, which was then sold to United Business Media (LSE: UBM) in 2006.
SEE ALSO: Economist’s CQ-Roll Call Integration Wipes Out 44 Editorial Jobs
The Jordan, Edmiston Group was the banker from The Economist Group’s side.
Posted In: Media & Publishing, Magazines, Money, M&A & Venture Capital, Mergers & Acquisitions
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