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Ascend Media reaches agreement to purchase Medical World CommunicationsDec. 13, 2004 -- Ascend Media announced today that it has reached a definitive agreement to acquire Medical World Communications. Financial terms of the purchase were not released. Medical World Communications, which publishes fifty medical, healthcare and business-to-business magazines and journals, employs 350 people and is headquartered in Monroe Township, NJ, with major office locations in Jamesburg, NJ; Deerfield, IL; South Coast Metro, CA; and Los Angeles, CA. Ascend Media will acquire publications in major medical therapeutic specialties, including primary care, pharmacy, dentistry, imaging, cardiology, respiratory therapy, physical therapy, aesthetics, hearing and clinical. Select titles include Physician's Money Digest, Pharmacy Times, Cardiology Review, Family Practice Recertification, Rehab Management, Medical Imaging and Compendium of Continuing Education in Dentistry. The company also publishes magazines in the food and beverage processing, retailing and packaging industries, including National Provisioner, Beverage Industry, Dairy Field and Food & Drug Packaging. In addition to its publishing properties, Medical World Communications owns a healthcare marketing agency, Practice Builders, which delivers educational and marketing services for healthcare professionals in all specialties. "Medical World is an impressive company in a dynamic industry. We saw that firsthand when we met with their senior managers during the acquisition process. They were experts in their fields who demonstrated a true passion for this business. We're looking forward to working with the great team that Jack Hennessy assembled," Bishop said. Medical World was founded in 1985 by John J. ("Jack") Hennessy. Hennessy, who currently serves as Chairman/CEO, will leave the company. "The acquisition of Medical World, along with our recent additions of SynerMed and EVW and combined with Ascend's existing Event Media business, has positioned us as a business-to-business media company with $150 million in revenue. We have the capability to serve our customers in a uniquely comprehensive manner unlike any other medical publisher," said Cameron Bishop, President & CEO of Ascend Media. In addition, the acquisition's services-oriented publications are a strategic fit with Ascend Media's current stable of business-to-business publications. There are, in fact, unique content and revenue-potential synergies between the food and beverage acquisitions and the Ascend Media Gaming Group titles, including Casino Journal and International Gaming & Wagering Business. The agreement to purchase Medical World follows last month's acquisition of SynerMed Communications, a producer of continuing medical education (CME) programs in a variety of therapeutic areas, as well as this month's acquisition of Exhibitor Visibility Worldwide (EVW), which handles publishing and integrated marketing services for major medical/healthcare events. The acquisition of Medical World will be finalized following completion of Pre-merger/Hart-Scott-Rodino (HSR) regulatory approval. The parties to the transaction expect a closing to take place within 30-60 days. Evercore Partners served as financial advisor to Medical World. Wells Fargo Bank and CIBC World Markets are underwriting the debt financing to support the acquisition. *This information is not intended as an offer or solicitation for the purpose or sale of any financial instrument. JPMorgan Partners, LLC is a Registered Investment Adviser with Securities and Exchange Commission ("SEC"). Back to Press Releases |
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The historical information presented may reflect the activities of the professionals of CCMP Capital Advisors, LLC (together with its affiliates, “CCMP Capital”) while they were members of J.P. Morgan Partners, LLC ("JPMP"), a private equity division of JPMorgan Chase & Co. prior to CCMP Capital's commencing operations. Nothing contained herein constitutes an offer to sell or a solicitation of an offer to purchase any investments or securities of any investment vehicles. © 2008 CCMP CAPITAL ADVISORS, LLC. All rights reserved. |
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