New York--Three months after Michael Hanley, chairman of Hanley-Wood, announced the company's decision to seek a buyer and his decision to retire, VS&A Communication Partners III L.P., announced Monday that it has agreed to acquire the business-to-business publisher for about $250 million. While Mr. Hanley will retire, CEO Michael Wood and President Frank Anton will stay on to run the business. Hanley-Wood expects its revenue to reach $103 million this year, up from $25 million in 1994. The company, based in Washington, D.C., employs 380 people and publishes 26 titles, include Builder, Remodeling
and Home Improvement Retailer.
VS&A Communication Partners is a $1 billion fund affiliated with New York-based investment bankers Veronis, Suhler & Associates. The Hanley-Wood acquisition would be the fund's first transaction.