"We have been actively looking to make acquisitions in the U.S. b-to-b marketplace for the past 12 months," said Andrew Schofield, founder and CEO of Schofield Media as well as its parent company, U.K.-based Schofield Publishing.
Schofield said he bought the publications with the intent to revitalize them. "They are very strong editorial products and great brands, and our view is that if we can do the right things and be supportive and responsive in their markets, we can achieve growth across all titles," he said.
"We are looking carefully at the positioning of all of the titles and plan to strengthen the sales teams' efforts considerably. We have made this investment on the basis that we are committed to their long-term future, and we are willing to put in further investment and legwork to achieve our goals."
The acquisition brings Schofield's magazine portfolio to 20 publications in the U.S., U.K. and Europe. Existing U.S. titles include U.S. Business Review, Food and Drink, Manufacturing Today and Construction Today. In February, Schofield purchased Beverly, Mass.-based Redcoat Publishing and its American Executive and Health Executive magazines.
"Although they were no longer a strategic fit with our broader portfolio, the titles remain highly regarded authorities in the food service and mass market retail sectors, and we are confident that they will continue to uphold their high standards under Schofield's leadership," Michael Marchesano, president-CEO of VNU Business Media, said in a statement.