Quadrangle Capital Partners, a private equity firm focused on the media and communications industries, has agreed to acquire Dennis Publishing, the US arm of the publishing group founded b
Quadrangle Capital Partners, a private equity firm focused on the media and communications industries, has agreed to acquire Dennis Publishing, the US arm of the publishing group founded by Felix Dennis, which includes men’s lifestyle magazines, and web sites such as Maxim, Blender and Stuff.
The transaction, whose financial terms were not disclosed, is expected to close in the third quarter. Dennis Publishing’s financial advisor was Allen & Company and its legal advisor was Jones Day, while Quadrangle was represented by Davis Polk and Wardwell.
Kent Brownridge, an experienced media industry executive who invested alongside Quadrangle, will become the company’s chief executive. He spent more than three decades at Wenner Media, most recently as senior vice-president and general manager, where he oversaw the production of Rolling Stone, Men’s Journal and US Weekly.
According to Quadrangle, Dennis’s titles have an unrivalled position among the difficult-to-reach 18-34 male demographic. The assets acquired in the transaction include Maxim online, Maxim magazine and its international network of licensee publications, Blender magazine, Stuff magazine and a number of additional Maxim-themed enterprises including a radio network, restaurant chain, nightclubs, resorts and an event marketing company.
Combined, the magazines deliver an unduplicated monthly audience of 15.7 million, while the web properties tallied more than four million unique visitors and 116 million page views in April alone. Quadrangle will not be acquiring The Week, which will be retained by the seller.
Says Brownridge: ‘Maxim, Blender and Stuff and their web properties have built a large and loyal audience among one of the hardest demographics to reach, positioning the company to connect readers and advertisers on a variety of different platforms ranging from print to radio to digital media.
‘By leveraging the company’s existing assets and Quadrangle’s media expertise and network of relationships, we intend to expand its reach into the young male audience even further through new brand offerings and integrated events and programs that will connect advertisers to this group.’
Adds managing principal Quadrangle Group Peter Ezersky: ‘We have known and admired Kent for more than 15 years and are delighted to have the chance to partner with him. We believe he is the perfect executive to build on the powerful platform that Felix Dennis and Stephen Colvin have established.’
Quadrangle Group is a private investment firm with more than USD5bn in assets under management that specialises in investing in media and communications companies through separate private and public investment strategies, and in distressed debt securities across all industries through a debt investment programme. Quadrangle Capital Partners represent private equity funds that specialise in the media and communications industries.
