Cleveland—Kevin Stoltman, VP at Questex Media Group's industrial and specialty group, has acquired the group from Questex and formed a new company called North Coast Media. Financial terms of the deal were not disclosed.
North Coast Media's brands include Pit & Quarry, LP Gas, Pest Management Professional, Landscape Management, Golfdom and GPS World. Stoltman is president of the new business. North Coast Media's acquisition includes a transition service agreement with Questex Media.
In a press release, North Coast Media said it has more than 30 employees and plans to add three more by July 1. The company also pledged to invest in all of its information platforms.
From Questex Media's perspective, the deal helps improve the company's balance sheet, said Roland DeSilva, managing partner of DeSilva & Phillips, in a statement.
"North Coast Media is an entirely standalone company and Questex has no financial interest in the firm," said Kerry Gumas, president-CEO of Questex, in an email to BtoB
. "Questex will provide transition services to North Coast for a brief period as the new company completes its move and establishes its operations in downtown Cleveland. Proceeds from the sale will be used by Questex to invest in our core businesses."