Boston Ventures Portfolio Company New Track Media Acquires CK Media
Boston Ventures, a leading middle market private equity firm that invests in the media, information and publishing, entertainment, and communications sectors, today announced that its Fund VI portfolio company, BVK Holdings, owner of the consumer enthusiast publisher New Track Media, has acquired CK Media, LLC, a leading publisher of quilting, sewing, and scrapbooking magazines.
CK Media includes nine magazines with combined circulation of about 1 million in the soft craft subject areas of quilting, sewing and scrapbooking. The business also includes a conference and events division, book publishing, digital properties, and other business units serving the same consumer base of soft craft hobbyists. CK Media’s consumer magazines are household names and market leaders providing content and community resources for scrapbooking, paper crafting, quilting and sewing. Its key publications are Creating Keepsakes, the market leader serving scrapbooking enthusiasts, several quilting titles such as McCall’s Quilting and Quilters Newsletter, and various others including Sew News.
Stephen J. Kent, CEO of New Track Media, said, “The acquisition of CK Media makes New Track the largest consumer platform focused on crafts and specialty merchandise publications. We are primarily a business that serves the information needs of soft craft hobbyists using a range of print and digital product. We are committed to sensible growth that improves our ability to do the best job possible for these consumers, and there is no question that this is a logical extension of that commitment. The Company’s diverse range of magazines and online content make this a very strong complement for our existing portfolio.”
The CK Media business had been acquired from PRIMEDIA in 2006 by the private equity firm Sandler Capital. They engaged the investment banking firm DeSilva & Phillips earlier this year to explore strategic alternatives, which resulted in the sale to BVK. The acquisition of CK Media increases New Track’s annual revenues to approximately $80 million.
Elizabeth Granville-Smith, a Managing Director at Boston Ventures, said, “Boston Ventures remains active in this challenging environment which is enabling us to identify strategically beneficial companies with attractive valuations as lenders restructure their credits. Because of the niche sector in which New Track operates, it continues to perform on budget, and we are pleased to enhance its brand offerings with the addition of CK Media.
About New Track Media
New Track Media LLC is wholly owned by BVK Holdings LLC, an entity formed by Boston Ventures and Stephen J. Kent for the purpose of building up a premier consumer enthusiast publishing platform in a range of special-interest subject areas. New Track Media and BVK operate from offices in Cincinnati, Ohio, which is where the firm has a corporate development team.
About Boston Ventures
Boston Ventures is one of the oldest and most experienced media and communications focused private equity firms in North America. Since its founding in 1983, the firm has invested nearly $2.5 billion in over 70 companies, actively targeting investments in the media, information and publishing, entertainment, and communications industries. For more information, please visit our website.