Bisnow, a New York-based real estate business news service, has been acquired by Wicks Group, a private equity firm, for $50 million, reports Erin Griffith of Fortune.
Griffith writes, “Started in 2005 by Mark Bisnow and his son Elliott, Bisnow produces newsletters, a website, and local events all focused on the commercial real estate market. The company, which never raised outside capital, makes most of its revenue on sponsorships and tickets to the 300 events it organizes annually.
“Bisnow has not disclosed its revenue, but in 2013, it had $13.8 million in sales with a three-year growth rate of 258%, according to Crain’s New York. Mark Bisnow stepped back from his CEO role 2013; Will Friend is now CEO. The company operates in 27 cities in the U.S. and Canada and has 75 employees.
“It’s common for trade publications to organize conferences to supplement their income. In technology, digital outlets like TechCrunch, Business Insider, and Recode host conferences, for example, as does Fortune. Ryan Begelman, vice chairman for the company, says Bisnow has grown its events businesses faster than some of the aforementioned publications because it separated its editorial operations from its conference arm.”
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