Former Cygnus owners form new company

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Atlanta--In a rare show of optimism in the b-to-b media marketplace, F. Blair Schmidt-Fellner and Gerry Hogan, high-profile former owners of Cygnus Business Media, announced they are forming a new business, Endurance Business Media, which will seek to invest in a b-to-b media company. Endurance Business Media is teaming with New York-based private equity firm Kelso & Co. in seeking an investment opportunity. Schmidt-Fellner and Hogan also joined up with Kelso & Co. to purchase Cygnus' predecessor, PTN Publishing, for $97 million in 1997. Schmidt-Fellner and Hogan sold Cygnus, whose portfolio of publications includes Firehouse, Modern Jeweler, Equipment Today and Aircraft Maintenance Technology, for $275 million in 2000. "We believe the business-to-business arena offers us a wonderful opportunity to apply our skills," said Endurance President-CEO Schmidt-Fellner in a statement. "Our team worked well together and we look forward to building successful businesses." Endurance will consider investing in b-to-b businesses in sectors including cable, newspapers and the Internet. Thomas R. Wall, a Kelso & Co. senior partner, said Endurance's timing is opportune. "A number of good properties will change hands before the market turns," he said in a statement. "We are confident that we will find the right opportunity for Endurance soon."

--Philip B. Clark

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