Chatsworth, Calif.—It’s official. 101communications, a b-to-b media company that focuses on the IT market, has been acquired by 1105 Media, which is backed by private equity firms Nautic Partners and Alta Communications in partnership with Neal Vitale, a former Reed Elsevier and Petersen Publishing executive.
Terms of the transaction were not disclosed, but people familiar with the sale pegged the price at $75 million.Following the sale, Jeffrey Klein, president-CEO of 101communicaitons, will assume a strategic, nonoperational role as nonexecutive chairman.
Vitale, previously president-COO of Petersen Cos. and a group VP at Reed Elsevier, will serve as president-CEO of 1105 Media.
101communications was founded in 1998 by management and Frontenac Co., a middle-market private equity firm. Its properties include trade magazines, e-newsletters, conferences and Web-based services. It focuses on eight areas of IT: business intelligence, education, government, network & enterprise, office recycling, software solutions, certification and compliance. Its core titles include Application Development Trends, Campus Technology and Federal Computer Week.
Last year, 101 communications' revenue grew 10%, while earnings before interest, taxes, depreciation and amortization (EBITDA) increased more than 40%. Media investment bank Jordan, Edmiston Group handled the transaction.