Investment group agrees to acquire Hanley Wood

摘要

After some suspense, Veronis Suhler Stevenson's sale last month of construction industry media company Hanley Wood to an investment group led by JPMorgan Partners showed that the b-to-b media mergers and acquisitions market remains robust. Industry observers say that likely is good news for Gruner + Jahr and Primedia, both of which have high-stakes properties on the market. The sale price of $650 million includes 2005 performance targets that would eventually make the EBITDA (earnings before interest, taxes, depreciation and amortization) multiple around 11 times based on 2005 EBITDA.