Financial terms of the deal were not disclosed.
WBI, a unit of Wicks Group of Cos., publishes Credit Union Times, Inside Counsel, Investment Advisor and Treasury & Risk as well as their respective Web sites. It also produces custom publications and live events. Its Executive Enterprises seminar unit produces more than 100 courses annually for accountants, lawyers and tax professionals.
WBI will join Summit’s Highline unit, which focuses on financial and insurance markets.
“This acquisition represents a major expansion of our b-to-b media franchise in financial services—including investment advisory and credit unions, as well as corporate treasury and legal functions—and complements our existing strong presence in insurance markets through our Highline Media and Summit Business Media operating units,” said William Reilly, chairman-CEO of Summit, in a news release.
Reilly added: “This is an important step in our strategic goal of becoming a major business information company. This is Summit’s third major acquisition since our formation in November, and we will continue to support our operating units with opportunistic acquisitions as well as investments in organic growth.”
Summit was formed through a partnership between Reilly, former CEO of Primedia, and Wind Point Partners.
The WBI acquisition is expected to close later this month. Doug Manoni, CEO of WBI, will be leaving the company after a transition period.