Johnson Publishing Company, publisher of EBONY and JET, gets funding from Gibraltar Business Capital
The publisher of Ebony and Jet magazines, Johnson Publishing, today announced that they had secured additional funding through Gibraltar Business Capital. No word on the amount of funding, or what specifically the publishing company plans to do with the funds.
Here is the press release:
Johnson Publishing Secures New Revolving Credit Facility with Gibraltar Business Capital
The Financing Will Further Strengthen the Company and Allow for Future Growth
CHICAGO–Johnson Publishing Company, publisher of EBONY and JET magazines and parent company of Fashion Fair Cosmetics, has announced the successful closing of a revolving credit facility with Gibraltar Business Capital. The credit facility was designed specifically to allow Johnson Publishing to continue its strategic plans for growth. FocalPoint Securities, LLC served as exclusive financial advisor to the Johnson Publishing Company.
“We are pleased to enter into this alliance with Gibraltar Business Capital, as it will help us to continue building on the Johnson Publishing Company legacy,” said Linda Johnson Rice, Chairman of Johnson Publishing Company. “This relationship will allow our company to execute our strategic goals, strengthen our brands and lead to future growth.”
Desiree Rogers, CEO of Johnson Publishing Company added, “As the curator of the African-American experience – past, present and future – we are thrilled to work with Gibraltar Business Capital as we reposition this iconic firm. The African-American segment continues to be important to American businesses and we are at the forefront.”
“We appreciate the opportunity to work closely with Johnson Publishing and FocalPoint on designing a credit facility in a timely manner, that will not only support Johnson Publishing’s anticipated growth, but also enable the company to deliver on its strategic initiatives,” said Darren Latimer, CEO of Gibraltar Business Capital. “Johnson Publishing is truly a leader in its industry with a strong heritage. Working with the company’s management team on maintaining that legacy is a tremendous point of pride.”
Thomas Mills, Managing Director at FocalPoint commented, “We are pleased to have partnered Johnson Publishing with Gibraltar Business Capital, a strong financial partner. I have no doubt that Johnson Publishing will continue to execute on its transformational growth plan, and having a capital partner that understands the dynamics of the publishing industry and appreciates the importance of the Johnson Publishing legacy will prove beneficial to all parties.”