NEW YORK, June 4, 2020 /PRNewswire/ -- Beringer
Capital, a New York and
Toronto-based investment firm
focused on the media, marketing services and technology sectors,
today announced the completion of the sale of Adweek, LLC
("Adweek") to an entity affiliated with Shamrock Capital. Financial
terms of the transaction were not disclosed.
In July 2016, Beringer Capital
acquired Adweek from Mediabistro Holdings. Since then, Adweek has
consistently achieved annual double digit growth while expanding
its businesses with 40 new products, including the revamp of
Brandweek, NexTech and Challenger Brands summits, CMO Symposiums,
as well as Adweek's D&I Council and the Institute for Brand
Marketing.
"We are proud to have worked so closely with Adweek's leadership
team over the last several years to help transform the business to
become the preeminent voice in the brand marketing ecosystem," said
Brian F. Martin, Vice Chairman at
Beringer Capital. "The shift the business has made towards live
and virtual events, as well as online education has created a new
foundation for growth and added value for Adweek's audience.
Beringer is confident the company will continue its strong momentum
under Shamrock's ownership."
Jeff Litvack, Chief Executive
of Adweek, added, "The management team greatly values the
partnership and dedication Beringer brought to Adweek during their
ownership. Our ability to launch new products and diversify revenue
has been a major driver of the company's successful exit."
"The media industry plays a critical role in the world that we
live in and it's important to ensure that these institutions
thrive," said Martin. "Adweek remains a cornerstone in the
marketing and advertising industry, and we look forward to
continuing to invest in the growth of entities who share our
values, principles and beliefs."
CG Petsky Prunier served as financial advisor and
Clark Hill PLC as legal advisor to Adweek on the transaction.
About Beringer Capital
Beringer Capital is a leading private equity firm that invests
in technology-led companies that serve leading brands. Beringer
Capital partners with founders and management teams to build
significant businesses through a combination of organic growth and
add-on acquisitions. www.beringercapital.com
About Adweek
Adweek is the leading source of news and insight serving the
brand marketing ecosystem. First published in 1979, Adweek's
award-winning coverage reaches an engaged audience of more than 6
million professionals across platforms including print, digital,
events, podcasts, newsletters, social media and mobile apps. As a
touchstone of the advertising and marketing community, Adweek is an
unparalleled resource for leaders across multiple industries who
rely on its content to help them do their job better.
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SOURCE Beringer Capital, LP