NUCO Announces Merger Deal
The board of directors of The National Underwriter Company approved a definitive merger agreement whereby NUCO would be acquired by Highline Media, LLC.
The deal is subject to the approval of participants in NUCOs Employee Stock Ownership Plan. It is anticipated that the transaction will close within 30 days. Terms were not disclosed.
NUCO, formed in 1897, is a leading publishing and information services business focused on the insurance industry, and the parent company of this newsmagazine.
Highline is a new company formed by Spire Capital Partners, L.P. and headed by Andrew L. Goodenough, president and chief executive officer. Spire is a $260 million private equity fund based in New York City with financial interests in a number of media companies.
Highline plans to use National Underwriter as a base from which to build a multimarket, multiproduct business-to-business publishing and related media company, including a combination of magazine, newsletter, conference, trade show, Web site and data assets, delivered in print, electronic and live-event form. The company intends to acquire and launch publishing assets in the financial services, insurance and real estate fields.
Mr. Goodenough has 25 years in publishing, and most recently served as president of the Financial Publishing and Conferences Group at Thomson, with annual revenues of $75 million.
"The opportunity to own a commanding position in the insurance industry is a wonderful one for Highline," Mr. Goodenough said. "The insurance business is one of the nations largest employers and a primary engine for capital preservation and growth."
For more details, see expanded story on our Web site at www.nationalunderwriter.com.
Reproduced from National Underwriter Property & Casualty/Risk & Benefits Management Edition, September 8, 2003. Copyright 2003 by The National Underwriter Company in the serial publication. All rights reserved.Copyright in this article as an independent work may be held by the author.
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