Economist Group sells majority stake of CFO magazine
Private equity firm Seguin Partners LLC announced Monday that it acquired CFO Publishing, in partnership with CFO’s management, from the Economist Group.
According to the terms of the deal, a new company formed by Seguin will acquire CFOâ€™s assets. The Economist Group will retain a substantial minority stake in the new company. Terms were not disclosed.
CFO magazine focuses on the information needs of C-level and senior finance executives. In addition to CFO magazine, the business includes a fast-growing portfolio of online products and services as well as conferences and custom research and publishing.
“We are thrilled at the opportunity to work with a brand as strong as CFO,” said Seguin operating partner, Alan Glass, who will become chairman of the board of the new CFO Publishing Holdings Inc., in a statement. “CFOâ€™s award-winning editorial content and its tremendously loyal, influential audience make it a valued resource for its readers as well as an effective marketing partner for a range of blue-chip customers.”
Paul Rossi, managing director and executive vice president of The Economist Group in the Americas, added: “CFO has always been, and remains, a strong, profitable business. We are confident that this partnership with Seguin will enable it to continue expanding online, in research and databases and in events while fully capitalizing on the potential of its print magazine.â€
This is the second time Seguinâ€™s principals, including Glass and managing partner Martin Madden, have partnered with The Economist Group. In 2001 — then as Bariston Partners — they acquired a majority stake in The Economist Groupâ€™s Journal of Commerce, one of the key building blocks of Commonwealth Business Media, which was then sold to United Business Media in 2006.