New York—U.S. Equity Partners has placed a last-minute bid of $380 million to $390 million for Primedia’s b-to-b unit, which includes Telephony and other publications, according to a report in The Daily Deal, a newspaper owned by U.S. Equity Partners.
Apprise Media, led by Chairman-CEO Charles McCurdy and backed by Spectrum Equity Investors, is said to be a frontrunner for the property.
Primedia Business posted EBITDA (earnings before interest, taxes, depreciation and amortization) of $37.1 million in 2004, which would make U.S. Equity Partners’ offer slightly more than a 10-times multiple.
A Primedia spokesperson declined to comment on the report.