Incisive Media To Acquire ALM Creates a Major International Business-to-Business Media Company Focused on

Professional and Financial Services Industries



    LONDON and NEW YORK, July 5 /PRNewswire/ -- Incisive Media, a leading
 business information provider, and ALM, a leading integrated media company,
 today announced that they have signed a definitive agreement under which
 Incisive Media will acquire ALM from U.S. Equity Partners, L.P. for a total
 value of approximately $630 million (approximately 315 million pounds
 Sterling) in cash. The acquisition is expected to close in the third
 quarter of this year, upon satisfaction of regulatory approvals and other
 customary closing conditions.
     ALM owns and publishes 33 national and regional magazines and
 newspapers focused on the legal and real estate communities, including The
 American Lawyer(R), The New York Law Journal(R), Corporate Counsel(R), The
 National Law Journal(R) and Real Estate Forum. The company is also one of
 North America's largest producers of conferences and trade shows for
 business leaders and the legal profession. ALM's Law.com(R) is the Web's
 leading legal news and information network, while ALM's GlobeSt.com is the
 Web's leading information source for commercial real estate professionals.
 ALM generated approximately $200 million in revenues in 2006.
     Incisive Media is a rapidly growing provider of specialist business
 information, operating in four principal markets: financial services, risk
 management, professional services and marketing services. The company,
 which is headquartered in London, with further offices in Asia and North
 America, delivers key information to defined target audiences across a
 variety of platforms: in print, through magazines; in person, via
 conferences, exhibitions and training programs; and online, through various
 websites. Incisive Media generates annual revenues of approximately $280
 million.
     Tim Weller, Founder and Group Chief Executive of Incisive Media, said,
 "The acquisition of ALM will advance Incisive Media substantially towards
 our strategic goal of creating a leading global business-to-business media
 company. ALM, like Incisive Media, is a provider of high-quality business
 information and, in terms of both products and geography, is extremely
 complementary to our existing business. The addition of ALM's legal and
 professional services assets to our portfolio will effectively double the
 size of Incisive Media, deepen our weighting within the desirable legal
 publishing space, and give our company a balanced presence between Europe
 and the U.S.
     "ALM's senior management team, led by Bill Pollak, has worked together
 closely for nearly ten years in building it to its current strong position.
 We look forward to working closely with the management team as we grow our
 combined business in the U.S., and support ALM as it extends its business
 in Europe and Asia," continued Mr. Weller.
     Upon completion of the transaction, William L. Pollak, President and
 Chief Executive Officer of ALM, will join Incisive Media's Board.
     Mr. Pollak said, "The operational fit between ALM and Incisive Media is
 ideal. ALM will provide a sizable platform for Incisive Media to grow in
 the U.S., and becoming part of Incisive Media will enable us to pursue a
 range of global opportunities that have not been fully available to us to
 date. We look forward to joining with Tim Weller and the entire Incisive
 Media team, as well as Apax Partners, as we build our various brands across
 multiple platforms."
     Irina Hemmers, Partner at Apax Partners, said, "We are very pleased to
 support Incisive Media in implementing its stated strategy to become a
 leading global business-to-business and professional information provider.
 ALM, under the leadership of its experienced management team, has generated
 steady growth from delivering high quality must-have content to the legal
 and commercial real estate communities via its long-established, market
 leading brands. We believe the combined company will be well positioned to
 achieve substantial growth on a global scale."
     Incisive Media was advised by Greenhill & Co., Simpson Thacher &
 Bartlett LLP and PricewaterhouseCoopers. Financing for the transaction has
 been underwritten by the Royal Bank of Scotland. ALM was advised by Credit
 Suisse and Skadden, Arps, Slate, Meagher & Flom LLP.
     About Incisive Media
     Incisive Media is a rapidly growing provider of specialist business
 information, operating in four principal markets: financial services, risk
 management, professional services and marketing services. The London-based
 company delivers key information to defined target audiences across a
 variety of platforms: in print, through magazines; in person, via
 conferences, exhibitions and training programs; and online, through various
 websites. Incisive Media's market leading brands include Investment Week,
 Post Magazine, Risk, Search Engine Strategies, Accountancy Age, and Legal
 Week.
     Incisive Media was founded in 1995 by the current management team,
 headed by Tim Weller, with the launch of Investment Week. The company was
 floated on the main market of the London Stock Exchange in December 2000.
 In December 2006, Apax Partners backed the public-to-private management
 buyout of Incisive Media (valued at approximately $550 million). Since the
 completion of the management buyout, Incisive Media has acquired three
 separate businesses. For more information visit: www.incisivemedia.com.
     About ALM
     Headquartered in New York City, ALM is a leading integrated media
 company, focused on the legal and real estate communities. ALM owns and
 publishes 33 national and regional magazines and newspapers focused on the
 legal and real estate communities, including The American Lawyer(R), The
 New York Law Journal(R), Corporate Counsel(R), The National Law Journal(R)
 and Real Estate Forum. The company is also one of North America's largest
 producers of conferences and trade shows for business leaders and the legal
 profession. ALM's Law.com(R) is the Web's leading legal news and
 information network, while ALM's GlobeSt.com is the Web's leading
 information source for commercial real estate professionals. Other ALM
 businesses include book and newsletter publishing, court verdict and
 settlement reporting, production of professional educational seminars,
 market research and content distribution.
     ALM was formed by U.S. Equity Partners, L.P., a private equity fund
 sponsored by Wasserstein & Co., LP. More information on ALM's businesses
 and services is available at www.alm.com.
     About Apax Partners
     Apax Partners (www.apax.com) is one of the world's leading private
 equity investment groups. It operates across the United States, Europe and
 Asia and has more than 30 years of investing experience. Funds under the
 advice of Apax Partners total in excess of $20 billion around the world.
 These Funds provide long-term equity financing to build and strengthen
 world-class companies. Apax Partners Funds invest in companies across its
 global sectors of Tech & Telecom, Retail & Consumer, Media, Healthcare and
 Financial & Business Services
     Over the past ten years, Apax has been one of the most active investors
 in media and communications with over $5.8 billion of equity invested.
 Recent investments include TDC ($17.6 billion), Thomson Learning ($7.8
 billion), Intelsat ($5.0 billion), CME ($3.0 billion), Yell Group ($3.0
 billion), Trader Media Group ($2.7 billion), VNU World Directories ($2.6
 billion) and Hit Entertainment ($1.0 billion).
     Contacts:
     Todd Fogarty
     Kekst and Company
     212-521-4854
     todd-fogarty@kekst.com
 
     Tim Weller
     Chief Executive
     Incisive Media
     +44 (0)20 7484 9970
 
 

SOURCE Incisive Media

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