Chicago—Crain Communications Inc. announced Thursday that it has sold its American Trade Magazines unit to Charlie Thompson, who had been VP-publisher of the group. Financial terms of the deal were not disclosed.
The new company, American Trade Magazines LLC, includes three brands: American Coin-Op, American Drycleaner and American Laundry News. In an internal memo, Crain Communications' board of directors said, “As these publications serve smaller niche markets, we felt the best chance for these brands to thrive and grow would be in a smaller publishing environment.”
Four former Crain employees, including Thompson and American Laundry News Editor Bruce Beggs, joined the new company. Six positions were cut in the transition.
Thompson said ATM plans to expand by launching digital-only properties in allied markets. “As a smaller company, we're going to be more efficient in the future,” Thompson said.
John Suhler, co-founder of private equity firm Veronis Suhler Stevenson, will act as an advisor to American Trade Magazines.
Crain Communications publishes Media Business.