Private equity firm Transom Capital Group today announced it acquired BridgeTower Media, the parent company of Central Penn Business Journal and a provider of B2B information, research, events and marketing solutions across more than 25 U.S. markets.
BridgeTower previously had been the stand-alone, B2B information subsidiary of Gannett Co. Inc. Terms of the transaction were not disclosed.
“We’re excited to partner with Transom to expand our business and strengthen our commitment to the markets we serve,” BridgeTower CEO Adam Reinebach said. “The culmination of this deal is a tribute to the resiliency, dedication and creativity of our people, whose collective grit is unmatched.”
Transom, headquartered in Los Angeles, is an operations-focused, middle-market private equity firm with more than $600 million in assets under management as of March 2020.
Transom’s holdings include companies in a diverse array of industries and services – companies that make fine writing instruments, license music, produce and market recreational consumer products, offer data-capture solutions, feature beauty and health products and serve the semiconductor industry.
“BridgeTower Media has been an integral partner to businesses across the country, providing valuable media and marketing services for a long time,” Transom partner James Oh said. “Our plan is to continue on the success the team has achieved and invest in technology and resources to stay ahead of the dynamic market.”
BridgeTower provides content within the legal, business, construction, legislative, pet retail and home furnishings sectors through more than 40 print and digital brands. BridgeTower also has a research unit focused on employee satisfaction, lead-generation services and live events centered on awards and education.
The Central Penn Business Journal was founded by Harrisburg entrepreneur David A. Shankweiler in 1984. It began as a monthly business newspaper serving Cumberland and Dauphin counties, later growing to include York, Lancaster, Lebanon and Adams counties.
Under Shankweiler’s leadership, the Journal’s parent company, Journal Multimedia, added a number of brands to its portfolio including: Lehigh Valley Business, Central Penn Parent, Best Companies Group and NJBIZ.
In 2016, Shankweiler sold the business to Minneapolis-based BridgeTower Media, the B2B media arm of GateHouse Media, LLC. BridgeTower became a subsidiary of Gannett in 2019.
The companies said Kirkland & Ellis served as corporate legal adviser and Perkins Coie LLP as the financing legal adviser to Transom. Cerberus Business Finance provided the financing for the transaction. JEGI Inc. acted as financial adviser to Gannett.