Progressive Business Media acquires Furniture Today Media Group from Sandow
Sandow Media, which acquired the Furniture Today group from Reed Business Information in March 2010 during RBI’s mass exodus from B2B publishing, today sold the group to Progressive Business Media, a newly formed private company.
“We picked the name Progressive Business Media because it underscores the DNA of our company. Moving forward we will use the company’s powerful brands, both in print and online, to expand through acquisitions, organic growth, digital efforts, conferences, events, marketing services and more,” said Matthew Slaine, President, FT Media Holdings.
Sandow is backed by Veronis Suhler Stevenson.
Here is the Sandow press release on the divestiture:
SANDOW Sells Furniture Today Media Group to FT Media Holdings, LLC
NEW YORK, July 1, 2013 — SANDOW, a leader in building multi-platform brands that span digital and print media, licensing, consulting, e-commerce and retail, business information and marketing services, today announced the sale of the Furniture Today Media Group to FT Media Holdings, LLC, a newly formed private company making acquisitions and investments in the business media and technology industries. The announcement was made by Adam I. Sandow, chairman and CEO, SANDOW, and Matthew Slaine, President, FT Media Holdings. Financial terms were not disclosed.
Furniture Today Media Group is the furniture and accessories industry’s number-one group of business publications, spanning all facets of the furniture industry from textiles to home accents and decorative accessories. The group’s flagship brand Furniture Today, founded in 1976, is the industry standard, publishing a weekly business newspaper in the U.S., creating proprietary industry research and developing a very significant online and digital presence. Furniture Today also publishes a Chinese edition and 12 market dailies a year.
The business includes six other leading print and online brands: Casual Living, Gifts and Decorative Accessories, Home Accents Today, Home Textiles Today, Kids Today and Playthings. In addition, Furniture Today Media Group produces the furniture industry’s most important annual conferences including: Furniture Today’s Logistics, Leadership and Bedding Conferences, as well as the Casual Living Conference, all of which attract leading executives across relevant categories.
Moving forward, Furniture Today Media Group will operate under the new name of Progressive Business Media. Its offices will continue to be located in Greensboro, North Carolina, where it is headquartered, as well as in New York City. Kevin Castellani, who has overseen Furniture Today’s portfolio of brands since 1993, will remain with the new company as President of Progressive Business Media and Publisher of Furniture Today. He will report to Slaine.
SANDOW purchased the Furniture Today Media Group in March 2010 as part of an acquisition of media properties from Reed Business Information, which also included Interior Design Media, a brand the company will retain. During the course of its ownership of the Furniture Today Media Group, SANDOW was able to increase the business’s profits by nearly 40 percent, representing substantial growth over a three-year period.
“We bought Furniture Today during a very challenging time for media companies,” said Sandow. “We were able to add tremendous value to the business by investing in improving the product and putting more muscle behind the group’s initiatives, including several leading industry conferences. Matt has the business acumen and vision to foster and expand an already successful business—we couldn’t be handing the reins to a better leader.”
“For our team, this is a long-term investment in a high-quality and growing business that serves the changing needs of a large global industry,” said Slaine. “By building on the strong foundation that Adam and his team have already created, I see a compelling opportunity to further grow the group’s multiple brands into various communication platforms and new business channels where our creativity and expertise can add significant value to our audience.”
“It has been a pleasure working with Adam over the past three years,” said Castellani. “During a tough period for the home furnishings industry, we were able to defy the odds and grow our business exponentially, which speaks to the power of our brand in this field. I’m eager to partner with Matt and our new company, Progressive Business Media, to focus on what we can do next to deepen our presence across media channels.”