Wasserstein & Co.’s ALM acquires Summit Professional Networks
Firm formerly known as Summit Business Media was formed in 2006 and includes 16 magazines as well as events
NEW YORK, NY – January 5, 2015 –– ALM, a leader in specialized industry news and information, today announced a deal to acquire Summit Professional Networks, the publisher of Investment Advisor and several prominent insurance and legal publications including National Underwriter and InsideCounsel. The deal also includes Judy Diamond Associates, a market-leading provider of prospecting tools and data within the benefits industry. The acquisition advances ALM’s strategy of expanding and strengthening its offerings beyond the legal industry, while adding to the company’s considerable stable of legal publications that include The American Lawyer and The National Law Journal. The transaction is expected to close by January 30, 2015.
This marks the second acquisition by ALM within two months, following the acquisition of Kennedy Consulting Research & Advisory announced in December. ALM was acquired by a consortium led by Wasserstein & Co., LP in June 2014.
“The acquisition of Summit Professional Networks represents the next major step in ALM’s growth strategy, expanding our reach into new strategic markets,” said Bill Carter, President and CEO of ALM. “What makes Summit an ideal fit with ALM is their strong competitive position in the markets they serve, driven by a combination of award-winning journalism and their robust custom marketing solutions.”
Once closed, this acquisition will increase the size and reach of ALM’s network to over 6 million professionals, most of which work within regulated industries. With six offices in the U.S., Summit publishes content through several respected brands in the investment advisory, legal, insurance and benefits fields. In addition to Investment Advisor, National Underwriter, and InsideCounsel, Summit publishes other leading brands including Credit Union Times, Benefits Selling, ThinkAdvisor.com, PropertyCasualty360 and LifeHealthPro, among others.